NASHVILLE, Tenn. (WTVF) — The stock market just had it's single worst day since 2008 and the Coronavirus and an oil trade dispute may be to blame. Almost as soon as the opening New York Stock Exchange bell rang, trading got off on a sour note.
The Dow Jones plunged more than 7%, causing the NYSE to briefly stop trading on the floor so that cooler headers could prevail. NewsChannel 5's Financial Analyst, Hank Parrott, is preaching the same message. "In time these things pass," said Parrott.
Parrott believes the market may ebb and flow depending on Coronavirus headlines, but he argues that history proves you just have to ride out the waves. He says the best example would be the economic slow down after the 9/11 terror attacks in 2001.
"People wanted to stay closer to home, they wanted to stay closer to family. They were obviously scared after what happened with the planes," he said. "There was a period of downturn and then we recovered from that."
The news isn't all bad. Gas prices are expected to drop quite a bit, as Saudia Arabia and Russia oil companies get into a bidding war. But if the selloff still has you scared, Parrott says use this as a chance to make sure you're still invested in a variety of stock options.
"If you’re properly allocated and you’ve got a good plan, you should be able to ride these things out. It may make you a little nervous just watching the headlines, but your funds should be fine, your plan should be fine," said Parrott.
He believes the worst thing you can do is to start selling too. "You’re not going to realize a loss until you take your money and sell it and you’re probably selling at the worst time considering how cheap it is," said Parrott.
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What is COVID-19 (a.k.a. the new coronavirus?)
According to the World Health Organization, coronaviruses (CoV) are a large family of viruses that cause illness ranging from the common cold to more severe diseases. Examples include the Middle East Respiratory Syndrome (MERS-CoV) and Severe Acute Respiratory Syndrome (SARS-CoV). A novel coronavirus (nCoV) is a new strain that has not been previously identified in humans. COVID-19 stands for "Coronavirus disease 2019," which is when this strain of the coronavirus was discovered.
What are the symptoms?
The CDC says patients confirmed to have the 2019-nCoV reportedly had mild to severe respiratory illness with:
- Cough
- Shortness of breath or difficulty breathing
Or at least two of the following symptoms:
- Fever
- Chills
- Repeated shaking with chills
- Muscle pain
- Headache
- Sore throat
- New loss of taste or smell
At this time, the CDC believes symptoms could appear as soon as two days after exposure, or as long as 14 days.
Prevention
The CDC is recommending "common sense" measures such as:
- Wash your hands often with soap and water for at least 20 seconds. If soap and water are not available, use an alcohol-based hand sanitizer.
- Avoid touching your eyes, nose, and mouth with unwashed hands.
- Avoid close contact with people who are sick.
- Stay home when you are sick.
- Cover your mouth and nose with a cloth face cover when around others.
- Cover your cough or sneeze with a tissue, then throw the tissue in the trash.
- Clean and disinfect frequently touched objects and surfaces.
