RICHMOND, Va. (WWBT) - It’s been a rough week on Wall Street after a 357 point drop on Friday, which came after a nearly 1,200 point drop on Thursday.
“I think the worst of this is behind us,” Financial expert Carl Carlson said.
Carlson says the drop comes from people getting scared and pulling out their investments as the Coronavirus continues to spread worldwide. He advises staying in the market.
“One thing we don’t want to do is to be selling in the down market because when it turns around we are going to see this run back up again,” Carlson said.
It’s not the first time a health crisis has impacted the stock market. Wall Street took a tumble during the Ebola, Swine Flu and Sars outbreaks as well.
“Apple has had a big negative reaction and they are one of the big stocks out there,” Carlson said.
Carlson says there shouldn’t be any immediate impacts but companies are already changing their end of year financial projections.
Coffee giant Starbucks shut down stores in China but reopened 85 percent of their stores Friday.
Carlson expects the United States’ economy to make a full recovery.
“Stay in the market. This is not a time to sell. It’s a time to buy,” Carlson said.
People are not just panicking on Wall Street but we are seeing panic when it comes to health.
Amazon has blocked or removed more than one million products from its third-party marketplace that made false claims. The company also suspended tens of thousands of deals from sellers it accused of charging customers unfair prices.
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