Personal Finance

Has Your Retirement Account Taken a Big Hit Because of the Coronavirus Outbreak?

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by Alli Thomas

Feb 11, 2020

If so, you’re not alone. The past couple of weeks have been quite the roller-coaster ride for stock markets around the world. This has come as an unwelcome shock to many investors given the general stability of financial markets for months before this new epidemic.

 

A handful of industries in particular have been especially hit hard by coronavirus.

 

  • The travel ban in China has driven down oil prices—hundreds of cancelled flights (both into and out of the country) means less demand for oil in the form of jet fuel.
  • Manufacturing in China has dipped as many foreign companies have pulled their staff from factories in regions of the country affected by the virus.
  • Mining stocks have also slid, as China is a big consumer of natural resources.
  • Luxury travel and leisure have been squeezed. Chinese consumers are valuable customers of high-end retail stores and casinos.

 

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So, are there any upsides? Glad you asked!

 

 

As always, keeping with your long-term investment strategy and not reacting to short-term events in the market is (in most cases) the best plan.

 

Not sure if your portfolio is built to handle these short-term swings? One of our financial advisors can give you a no-cost, no-obligation second opinion. Click here to schedule an appointment with one of them.

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Alli Thomas

Alli Thomas has worked in the financial services industry for nearly 20 years, with a focus on retirement-related investing. She began her career as a FINRA-licensed participant-services call-center associate at Vanguard, and then moved to Principal Financial Group, where she worked closely with employers, assisting with retirement plan set-up and design, selecting appropriate plan investment offerings, and maximizing employee participation through targeted education campaigns and enrollment meetings. Alli has also worked as a qualified 401(k) administrator and registered investment advisor for several small investment firms. She now writes about all things investment- and finance-related, leveraging her extensive experience and passion for retirement planning to help investors make well-informed financial decisions.

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