Coronavirus and the stock market

The coronavirus isn't just impacting people's health.

It's also causing the stock market to go a bit haywire.

FOX 4 financial expert Adam Bruno explains if you should be concerned.

RIGHT NOW -- THE HOSPITAL IS NOTPERFORMING SURGERIES.(SIG OUT)THE LAST WEEK HAS BEEN A VERYBUMPY RIDE IN THE STOCK MARKET,AND THE CORONAVIRUS FEARS HAVEBEEN REFLECTED IN THE LOSSES.MANY OF US ARE ASKING, "IS NOWTHE TIME TO STARTPANICKING?"FOUNDER AND PRESIDENT OFEVOLUTION RETIREMENT SERVICEADAM BRUNO JOINS US THIS MORNINGTO ANSWER SOME OF THESEIMPORTANT QUESTIONS.GOOD MORNING ADAM, SO WHAT CANYOU TELL US ABOUT THE STOCKMARKET LOSSES?

SHOULD WE BECONCERNED?• Chris, thanks for having me,good to see you as always!

Iknow people are concerned afterlast week in the Stock Market,and quite frankly, I believepeople should be concerned.Let’s just look at the numbers.The Dow Jones Industrial Averagedropped 12.4%, the S&P 500 Indexwhich is pretty much thebenchmarkfor most investments, thatdropped 11.5% and the Nasdaqcomposite was down 10.5%.

Thesewere their worst losses since2008.

All of this was despite ahuge rally in the final 15minutes of last Friday’strading.• The MOST concerning part ofthis, at least in my experience,is that this is only thebeginning.

Now we have alreadystarted the week with lossesafter the first reportedCoronavirus death in WashingtonState.

I have to weigh in onthis, I’m not convinced that allof these losses are due toCoronavirus.

Corrections haveto happen, what goes up mustcome down, and we have beengoing up for over 10 years.2.

ADAM, WHO DO YOU SEE THISHAVING THE BIGGEST EFFECT ON?WHICH INDIVIDUALS SHOULD BE THEMOST CONCERNED RIGHT NOW?• Great Question Chris, and ofcourse certain people are goingto be affected more than others.Retirees or people getting readyto retire are going to have thebiggest impact from situationslike this because their timehorizon is much shorter thansomeone who is middle aged andworking.

The middle aged workershave plenty of time for theirinvestments to recover, but theretirees,they are already taking moneyfrom investments, and then youadd in a loss or stock markecorrection, and that is trouble.• Also, I know it’s going toseem cliché, but a plan isimportant whether you are middleaged or retired.

With the propplanning it is possible to stillturn losses like this intosomething positive, but most doit yourself investors don’t knowhow to do this, and sometimeare too proud to ask forfeedback.3.

ALL GREAT INFO ADAM, SO CANYOU THINK OF ANYTHING THATPEOPLE SHOULD BE DOING RIGHT NOWTO PREPARE THEMSELVES?• Chris, my answer is the samewhether we are going through acorrection or not.

Everyoneshould sit down with aprofessional, even if it’s notEvolution, and put a plantogether for yourself and foryour family.

Get the answers tothose hard questions, even ifyou are afraid or your ego getsin the way.

When we sit downwith families it is always free,and everyone gets the help thatthey need.ADAM THANK YOU.IF YOU WANT TO CONSULT ADAM ONYOUR UPCOMING RETIREMENT... ORJUST WANT TO GET YOUR FINANCESIN ORDER SO YOU *CAN RETIRE DOWNTHE ROAD... HE’S THE FOUNDER ANDPRESIDENT OF EVOLUTIONRETIREMENT SERVI