Coronavirus sparks worries for local investors

Federal Reserve Chairman Jerome Powell pledged Friday that the Fed will use all the tools it can to support the economy in an attempt to ease fears sparked by the coronavirus.

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Charles Rinehart's business is understanding money. He’s a financial expert with Johnson Investment Counsel in Cincinnati. It’s been a tough week for investors. U.S. stocks fell sharply again Friday, ending the Dow's worst week since October 2008. The coronavirus is creating economic anxiety for investors.

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“It's really not advisable to change those longer-term allocations and strategic decisions based on the market getting choppy, " Rinehart said.

Experts say the coronavirus has already disrupted global supply chains. Woody Keown is a former Procter & Gamble executive.

“If you are in the supply chain management like I was one of the things you deal with is people start getting concerned about shortages,” Keown said.

He said one of the areas he traveled to most was China. He said local companies like P&G are impacted heavily by global demands.

“You don’t know whether you’re going to have the materials and if you’re going to have the products to build your business, so it puts your sales at risk,” Keown said.

However, the stock market drop comes after a strong market last year.

“So even though we're down 7% percent or so here in 2020, you put it in the context of last year, markets are still up,” Rinehart said.

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