HUNTSVILLE, Ala. (WAFF) - Stocks tumbled for the seventh consecutive day, closing the worst week on Wall Street since October 2008. However, the advice from some financial advisor’s is that the time to invest is now.
“I would say so far the numbers coming in on the economy have actually been quite good including today," admitted White House economic advisor Larry Kudlow. "You might think about buying the dip.”
Huntsville-based financial advisor Laura Mickels says this isn’t the time to panic.
“No panic! There’s probably more of a concern of coronavirus coming here," stated Mickels. "This is one thing that has happened every decade...sometimes every year we have a scare of some kind that causes some disruption.”
Mickels says the market has always experienced ups and downs, but with an overall positive trajectory. As for now, she think it’s the same.
Some people are jumping ship in fear by selling stocks or even emptying 401K’s, which Mickels says is not smart.
“I think people should look at their portfolio’s, really understand what their invested in, where their risk might be and what opportunities you might have with this. Panic? No," said Mickels.
Advisors are also seeing people switch to bonds, which are less volatile. Mickels says stocks require a high risk tolerance, and if you’re not that person bonds may be the way to go.
Overall, this is a great time to see a professional, especially when considering investing.