Don’t Make Drastic Changes, Says Missoula Financial Advisor
The Dow Jones Industrial Average rebounded Tuesday, though not nearly enough to make up for the massive coronavirus induced losses suffered Monday. Bob Seidenschwarz is an investment advisor with S.G. Long Financial and he says people are worried.
“I would say right now, a lot of this is driven by the virus and it’s uncertainty,” Seidenschwarz said. “Don’t make big, drastic changes because it is going to be all over the place for the next several weeks and months. It is very much going to track how progress is being made, or not, on the virus. At the end of the day, the underlying fundamentals, in terms of the disruption to everyday life and financial affairs, is really going to be the determinant.”
According to Seidenschwarz, this is an opportunity for most people.
“I say that with a conviction of having done this for 34 years,” Seidenschwarz said. “I am not telling you that we may not see some further downside, I expect we will. If it drops, then you are in a position to buy some more at cheaper prices. Make sure that these are the companies you want to own today, tomorrow, and for the long term.”
Stocks jumped Tuesday as President Donald Trump promised he’s “going big” with plans to blunt the economic pain caused by the coronavirus outbreak.
Treasury Secretary Steven Mnuchin says President Trump wants the government to send checks to Americans in the next two weeks to help support them while chunks of the economy come closer to shutting down.