Should You Be Worried About the Coronavirus Impact on Investments?

Local financial expert says now is not the time to worry

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Coronavirus fears continue to take hold of stocks. The DOW struggling to regain footing after wiping out 20-20 gains earlier this week.

"You went from euphoria to fear very quickly and it was COVID-19," Spencer McGowan, senior portfolio manager and president of McGowan Group, said about the stock market and coronavirus.

He's watching the declining stock market closely.

"I think the stock market will recover,” President Donald J. Trump said during a Wednesday evening news conference on the virus. “The economy is very strong."

President Donald Trump spoke to the press on Wednesday with updates on the U.S. response to COVID-19, praising his administration and saying that the “risk to the American people is very low.” Trump also announced that Vice President Mike Pence will be overseeing the administration’s response to the virus.

Trump did say concerns over the virus are causing some market declines but it will recover.

"Should you drastically change what you're are doing? Not if you are thinking three to five years," McGowan said.

Mcgowan agrees it will recover in time.

He says the average person should not be concerned right now, but it depends on where you are on your retirement journey.

"If you are not close to retirement and you are plowing money into the 401k you are on the right path,” McGowan said. “If you are about to retire and you are already nervous you should probably get more conservative quickly."

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