HAGERSTOWN, Md (WDVM) — The Dow Jones dropped almost 1,000 points near the beginning of the month with COVID-19 continuing to infect the nation’s economy.
Many compared the drop to both the great depression among other financial recessions, and an
Nate Hanft of Serafini Financial Group said he expects the market to correct itself when the pandemic has passed.
“We do think there will be brighter skies on the other side,” Hanft said. “Keep your head down, stay focused, stay disciplined on the strategy that you built and continue to ride it out.”
Greg Garner of Ark Financial Advisors shared the sentiment and said history shows all markets fluctuate and correct themselves sooner or later.
“2008 that lasted 1.3 years. The 2000-2001 time period, that lasted 2.1 years. The crash of ’87, that was just a matter of months,” Garner said. “I think when you go back and look at these significant declines in the market, on average they seem to last about 10 months.”
For those worried about their 401k’s, Garner said people shouldn’t panic.
“The way things are now is not the way things will be,” Garner said. “We just got to stay the course and make sure we own good quality investments, you’re well-diversified, and take the averages.”