GRAND RAPIDS, Mich. — COVID-19, a new coronavirus originating from China, has sparked a global concern as the outbreak continues to grow. Risk to those in the U.S. still remains fairly low, however the Center for Disease Control and Prevention has recommended the American public prepare for the possibility of an outbreak.
Ryan Sheffer, a certified financial planner with Advance Capital Management sat down with 13 ON YOUR SIDE Thursday, March 5 to give us a financial view of the novel coronavirus.
Sheffer's biggest take away was "don't panic." He said what we are seeing in the financial world is not new. We saw similar stock market troubles in other outbreaks in the past.
The stock market took a plummet earlier this week, even after the government's rate cut, and then jumped up 1,000. Sheffer said this is not the time to make drastic changes. He said that if this is the "wake up call, then so be it" and wants you to take control of your portfolio and be more mindful of the future.
For now, Sheffer recommends just stepping back and letting things settle. Global markets slid again Thursday, a possible reaction to the overnight news that the airline industry is bracing for big losses due to the outbreak. Coming just a day after the Dow Jones gained 1,173.45 points Wednesday, it's second 1,000 point advance of the week.
"Make sure you're reading those headlines with caution and recognize this is for the long term -- this will go away," Sheffer said.
MORE on 13 ON YOUR SIDE:
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- Airlines could lose $113 billion in coronavirus outbreak
- Coronavirus could impact firework shows this summer
- New Jersey officials announce 1st positive COVID-19 test
- Interest rates at a record low
- Hand sanitizer sales more than triples as Purell steps up production
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