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Stock market takes a hit from fears of coronavirus

Springfield (MO) KYTV logo Springfield (MO) KYTV 2/25/2020 Christine Morton
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SPRINGFIELD, Mo.-- There are now at least 53 cases of coronavirus in the United States. And as the numbers tick up, here and overseas, Wall Street is taking notice. The Dow dropping more than one-thousand points today, knocking out gains made this year.

"We got one or two that called saying they were concerned about it," said Michael Vaughn.

Michael Vaughn is a financial advisor at Pinnacle Family Advisors in Springfield.

He says the market has been up so high, his clients were worried about having big losses.

"I don't think this is going to be something major, we have seen this before we bird flu, ebola, the market will react to it for a while and then everything goes back to normal," said Vaughn.

Vaughn says the dow is a window into the worldwide economy. He says right now traders are reacting to the concerns of a global slow down because of the coronavirus.

"If factories in china are not working, they are not producing things, if they are not producing things, people can't buy stuff," said Vaughn.

Vaughn says the market might drop some more, but not derail the economy.

He says the drop will mostly affect those with stocks and retirement plans.

"If they looked at their 401k's say last week, versus today it's very likely going to be a lot lower, I say a lot lower, but it should be lower than last week," said Vaughn.

But for now, Vaughn says there is no reason to panic.

"The best thing is to stick with your investment plan, don't watch headlines, cause headlines will cost you to make investing mistakes," said Vaughn.

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