MASON CITY, Iowa - Wall Street has taken quite the hit during the COVID-19 crisis; the Dow Jones, Nasdaq, and S&P 500 have all had drastic drops, but also sharp rises, from day to day.
"Headlines, rumors, and information that is coming out about the virus. one of the things you notice is that volatility started coming out of the market a little bit on Monday of this week, and that's because we had a good weekend last weekend from a standpoint of a slowdown in a number of cases that were coming from New York City. It looked like things we're leveling off. The virus is really driving this market. This isn't so much a financially driven type of scenario, this is a healthcare driven scenario."
And with the uncertain situation we're living in now, is it still a good time to invest? Dave Jarvill with First Security Investment Services says now is the right time to invest, particularly in companies that have in-demand, needed products.
"If you've got fresh money, or money you're going to reposition, there are a number of good places that you can invest in that your return will be substantial over long periods of time."
If you do plan to invest, Jarvill advises to do your research, by checking each company's balance sheet (look for things like low debt, expense control, and looking for a consistent cash flow).
For those that might be confirmed about their 401K's, Jarvill advises to look at your time horizon - the age when you'll retire makes a big difference on what you should do. In addition, Jarvill advises creating an emergency fund, with a rule of thumb being at least 6 months of expenses tucked away in a savings or money marketing account.