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Historic stock market declines from Coronavirus; but local financial experts say don’t panic

coronavirus
CBS News

SANTA MARIA, Calif.-

The Coronavirus has the world in a panic which is effecting the economy, financial markets and the supply chains of products made in China used here in the US.
Some local stores are seeing the effects of this and local residents are as well.

The Coronavirus has contributed to a record plunge in the stock market.
This week markets have seen its worst decline since 2008.
Global markets have dropped $6 trillion dollars in value since the Coronavirus outbreak.

“Yes this virus has created real economic consequence because so much of the world depends on China exports,” said local financial expert Jody Daniels.

But experts say don't panic.

“The main thing to keep in mind is that history has shown that the markets always do correct themselves,” explains Daniels.

Daniel says this kind of market decline has happened as a result of medical epidemics before.

“If you look back at SARS and all the out breaks that have happened since then, there is a dip but they always come back,” said Daniels.

As for the hardest areas hit.

“Specifically tourist, and travel related stocks. Whether it's airlines, cruises, hotel chains things of that nature. You're going to see naturally a precipitous drop in stock activity within those companies in a scare like this,” noted Daniels.

Local residents say they feel the presence of the virus scare but…

“I'm not afraid to travel right now, ” said resident Heather Haynes.

And as for selling stocks as a response to the virus…

“I don't want my decisions based on fear, and I feel like being afraid of the stock market crashing and going bad. I try not to make decisions based on fear,” said Haynes.

Several local Walmart stores said they have seen product shortages in face mask, hand sanitizers, and sanitizer wipes. But other then that business is as usuals. So, for now, they are not feeling any major effects of the virus hitting and causing supply shortages.

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Naja Hill

Naja Hill is a reporter for NewsChannel 3-12. To learn more about Naja, click here.

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