Coronavirus worries cause Wall Street decline for 7th consecutive day
The coronavirus is causing panic on Wall Street as the Dow Jones Industrial faced its biggest weekly loss since 2008, closing at 25,409 Friday.
Friday was the seventh day of a massive sell-off because of the rising fears of the coronavirus.
Traders are feeling uncertainty as the virus spreads to other parts of the world.
Lori Torrano at Edward Jones in Norwalk says despite sharp declines in the market, investors should wait before they panic.
“The markets are naturally reacting to the uncertainty around this and until we get a sense of what this is really going to look like when we get some clarity, I expect the markets are going to continue to be very volatile,” Torrano says.
Will A Mask Really Protect You From Coronavirus? - Cheddar Explains
She also says the markets have been heading for a correction, and the U.S. needs to become less dependent on China.
“People are definitely getting sick, and we're seeing that and it's kind of popping up in places that nobody expected, that's to begin with. But we're so tied to China,” Torrano says.
“I think it's always important that people build into their portfolio for the potential for volatility and the unexpected,” Torrano advises.
Reacting to the volatile markets, the Federal Reserve said Friday "the coronavirus poses evolving risks to economic activity” and indicated a likely rate cut next month.