PALM BEACH COUNTY, Fla. — Coronavirus worries are causing major concerns for the economy. Fears that helped trigger the worst single-day point loss in Dow history Thursday. With so much uncertainty many people are looking for answers on the financial impact.
"It's an opportunity to make some money," investor Carl Smith said.
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Smith's philosophy is simple in dealing with a slumping stock market.
"Dollar-cost averaging, buy more, it's down buy more it's going to come back it always has," he said.
This is a week investors haven't seen since the crisis of 2008. the Dow selling off nearly 1,200 points Thursday.
"No, I didn't expect it to drop that far. I'm not worried about it I think it'll come back. I'm not actually that concerned about coronavirus," Smith said.
According to Steve Treachtenberg of Singer Wealth Management in Boca Raton says, on Feb. 20 the market was up 5 percent. A week later the market was down falling into correction territory all tied to fears about the global spread of the virus.
"It could have a significant impact on the United States. If people don't want to be around other people that's going to affect every sector of the market, It's going to affect the economy and it's going to affect the earnings of all these corporations," Treachtenberg said.
And for the average investor with a 401K?
"Maybe they need to look at their portfolio and make potential adjustments to look at other asset classes that don't have a direct correlation to the market," he said.
Smith says in the end history is on our side.
"We'll survive," he said.
Treactenberg says he doesn't believe the market dive will necessarily affect any single product. On the other hand, he does believe there could be a supply chain problem worldwide.