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Rochester in Focus: Coronavirus concerns impact Wall Street

Emily Putnam
Updated: March 22, 2020 09:12 AM
Created: March 22, 2020 08:47 AM

ROCHESTER, N.Y. (WHEC) — Brighton Securities Chairman George Conboy sat down with Lynette Adams to discuss what the coronavirus pandemic may mean for financial wellness.

Although Wall Street is currently experiencing a decline, Conboy says it’s not quite as bad as it has been in the past.

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“The decline we’ve seen over the last couple of weeks is somewhat less, maybe 30-35%, somewhat less than we saw in the financial crisis back in 2008/2009," Conboy said. Somewhat less than the tech bubble of 2000/2001, but sharper, steeper, and faster.” 

If you’re unsure about how to navigate your financial life during this difficult time, he recommends that you talk to people who’ve been through it. 

“Most people who sat tight, took a deep breath, did something else, in most cases did better than people who did a lot of panic movements," Conboy said. "But like I say, don’t take my word for it. Ask around – you’ll be surprised what you might hear.”

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