Local expert shares tips after worst week for the stock market since 2008 financial crisis

Updated: February 28, 2020 11:18 PM
Created: February 28, 2020 09:22 PM

ROCHESTER, N.Y. (WHEC) — Uncertainty about the coronavirus battered financial markets again today.

The DOW lost another 357 points in a week-long market meltdown. It’s the worst week since the 2008 financial crisis, plummeting 12% in just five days.

News10NBC talked to a financial expert to put this in perspective for people rushing to look at their 401ks.

"The coronavirus scare has really brought a panic to the financial markets, and while panic can drive people in the short term, beware of acting on panic if it doesn't meet your long term objective," George Conboy, Chairman of Brighton Securities said.

Conboy's suggestion for younger people is to ask parents and coworkers what they did the last time people were scared out of the market, like the 2008 financial crisis. It might pay to stay the course.

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