WEST PALM BEACH, Fla. — The war in Iran is taking a toll on Wall Street. The Dow Jones Industrial Average closed down 453 points on Friday, and for many investors, the question is the same: what should I do to protect my money during a time of war?
Some stocks are taking a hit as the war in Iran escalates, and some investors are wondering what they should do with their investments.
WATCH BELOW: War in Iran rattles markets: Expert advice for investors
Keith Singer of Singer Wealth Advisors in Boca Raton has a straightforward answer.
"Do nothing, just do what you were doing before," Singer said.
Singer told us the stock market is unpredictable on any given day. He said investors will see short-term impacts because of the war, but the focus should be on the long term.
"It's too late — if you were going to sell, you had to sell before the war," Singer said.
Singer said the stocks being hit hardest right now are big gas spenders, including cruise lines, airlines and other travel stocks.
Meanwhile, war-related stocks are up — including air defense stocks and stocks tied to weapon, bomb and missile manufacturers.
Singer also said the war may cause some people to start panic selling, which could actually present an opportunity.
"You never know what the stock market is going to do even without a war," Singer said.
He said now could be a good time to get in on some cheaper stocks. Singer also recommended diversifying into investments that aren't tied to the market — such as private equity, private credit or real estate — which could potentially do well even if stocks are down.
"It's unpredictable, so if you have other strategies, then you know your portfolio is going to be less volatile and less at risk," Singer said.
And while the current climate may feel alarming, Singer offered some historical perspective.
"I mean markets go down when the war starts, and a lot of times they go up before the war is even over," Singer said.
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