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Coronavirus severely impacting stock prices

Posted at 9:37 PM, Feb 27, 2020
and last updated 2020-02-28 00:50:58-05

NEVADA (KTNV) — For the fourth time this week, the U.S. stock market took a significant hit because of the coronavirus.

Thursday, the Dow Jones Industrial Average sank nearly 1,200 points.

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13 Action News financial analyst Steve Budin said investors don't have to panic just yet, but the drops have been some of the steepest in recent times.

"Anybody who has a 401(k) plan and all of their funds in the stock market probably saw a 10 percent drop in the last week alone. In numbers terms, we are among the highest in history," Budin said.

Thursday marked the sixth straight day reporting a dip in stock values and the worst week so far for trading since the recession in 2008.

Goldman Sachs and Microsoft are joining the group of major companies warning about the impact of the virus - both issuing warnings about future profits.