OUACHITA PARISH, La. (KNOE) – The Dow Jones Industrial Average dropped over 1,000 points on Monday amid concerns of Coronavirus spreading.
The DOW dropped over 1,000 points on Monday.
According to the Associated Press, the drop was the worst for the index in two years and wiped out its gains so far in 2020.
Registered financial advisor Darren Oglesby said it’s not the end-all of economic activity but a cause and effect reaction.
“When you get that type of data it puts fear in the market,” he said. “We see the result of that today, it was a big sell-off relatively speaking across all index.”
Additionally, Oglesby said it can have an impact on supply. Businesses that import their products from overseas could get hit the hardest.
Burns and Newell Store owner Tim Glover said their store imports a majority of their inventory from Mississippi and North Carolina.
He said he’s aware other stores that import from overseas may not be as lucky.
“It could even come down to things being discontinued or factories even changing their plants somewhere else and starting over,” Glover said.
Oglesby also warns investors that it’s not a time to test the waters with the market fluctuating.
“It is not the time to go out and make an irrational decision to sell out of something that’s already going down and park it in cash,” he said.