Coronavirus economic impact, Dow drops again

Five on 2

DAYTON, Ohio (WDTN) – Fears over the coronavirus are once again driving down the stock market, with the DOW closing down Thursday another 2,300 points; it’s worst day since 1987.

The Dean of Cedarville University’s School of Business Administration Dr. Jeffrey Haymond joined 2 NEWS to talk about the financial impacts of the coronavirus.

Dr. Haymond says he would hesitate in making any drastic action in your investment strategy.

“This market, even though it’s been down so much, it only got to this level just a couple of years ago,” he said. “For your long-term investors, you’ve had tremendous gains for a long period of time. Markets go up, and that means we have to be prepared a little bit for them to go down.”

The bull market has now turned to bear market territory.

“The bear market is kind of a broad-based term when the overall averages are down around 20 percent, versus a correction when they’re down approximately 10 percent, but for many stocks, they’re far in exceedance of that,” said Dr. Haymond, referencing transportation and oil stocks that have been hammered much harder.

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