Financial advisers try to calm concerns after turbulent week for stocks

Brighton, N.Y./New York City – Stocks took a tumble again Friday amid ongoing concerns about the 2019 novel coronavirus.

The Dow ended the week down nearly 4,000 points.

While many people may be keeping an eye on the 401(k)s, experts say you shouldn't panic yet.

Chuck Wade of Brighton Securities says uncertainty can sometimes trigger a turbulent market.

“There have been several viral outbreaks over the last 20 years,” said Wade. “There has been a short-term impact in the markets, on the economy, and then in time, things tend to recover.”

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“When emotional decisions are made with investing, we love the idea of buying low and selling high,” he continued. “What often ends up happening, though, is people sell low and then buy high when they have a feeling of more confidence within the market. So, on a day like today or a week like this, our advice is often to clients, let’s not make any decisions. Let’s just let this play out.”

Federal Reserve Chairman Jerome Powell says the Fed is keeping a close eye on the situation and it will “use (its) tools” to help support the economy.

This week, President Trump appointed Vice President Mike Pence to head up a coronavirus task force.

To date, there have been no cases of the coronavirus in New York state. Monroe County officials say they have a plan in place should the virus be detected, and that they are in regular contact with state officials.

As for your wallet, Wade stresses that, while difficult, moments like these will happen.

“These are parts of a normal economic cycle,” he said. “We’ve had viral outbreaks before; we will have one again. We live in the United States, which for all our problems, we have the strongest economy in the world. I have no doubt we will recover from this, just as we have many others in the past.”

He says people with more questions about their 401(k)s should contact their personal financial advisers.