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Expert talks about coronavirus impact on your finances

Posted at 11:36 PM, Mar 02, 2020

LAS VEGAS (KTNV) — A Las Vegas finance expert is urging folks not to panic following the stock market’s recent fluctuations as COVID-19 continues to spread throughout the U.S.

“This outbreak compared to history with SARS or Zika isn’t that different,” says Andrew Whalen.

Whalen keeps a close eye on the stock market around the clock from his finance office in the northwest valley.

He’s seen first-hand the ups and downs of the Dow Jones as the coronavirus makes its way into the country.

Whalen says investors may be making quick decisions based on fear, and if China slows the production and manufacturing of goods for just a month, it would impact the global economy.

“The market is trying to price in the worst case scenario, what can happen if global manufacturing slowed down to a halt because of the COVID-19 virus,” says Whalen.

Besides fears of the viruses’ role in our economy, Whalen says the market fluctuations we're seeing are also due in part to the upcoming election.

“There’s a decent amount of volatility in the market and then it kind of pans out towards the end of the election cycle,” says Whalen.

But in terms of the near future, Whalen believes the virus will not have the feared devastating impact on America’s economy.

“We think the U.S. economy is relatively insulated because of our fantastic health system that we have here in places versus other parts of china where the virus really started,” says Whalen.