BILOXI, Miss. (WLOX) -- As we all know, COVID-19 has caused havoc with the stock market, and if you have a 401k or an IRA, it’s nerve-racking to watch the roller coaster on Wall Street.
We spoke with Cree Cantrell, a financial advisor with Edward Jones Investments, who said the strategy for stocks should be the same as the approach we have with the coronavirus, that is, don’t panic.
“By and large, our clients are undoubtedly concerned about what’s going on,” Cantrell said. The main question I’m getting is what should I be doing right now? Our message to our clients is very simple, and that is, don’t panic. We’ve been here before. The cause of this is a little different, but the data being out there right now helps with the uncertainty, and that eventually helps with the recovery."
Cantrell also said Thursday’s mixed bag of news from the financial world is common, but the bottom line is to remain calm.
Stocks have wavered early between gains and losses after a report showed a record number of Americans lost their jobs last week due to the coronavirus outbreak. However, oil and gas companies made gains during that early period.
“Most of our clients are seeing this as an opportunity,” Cantrell added. “It’s a chance to review, re-balance if necessary, and to the extent that you’re able, pick up some pretty good deals.”
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