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Stock market drops most points in 12 years, financial advisors say don't panic

Posted at 8:28 PM, Feb 28, 2020
and last updated 2020-02-28 20:28:52-05

TAMPA, Fla. -- The coronavirus has many people canceling travel plans, causing the Dow Jones to plunge more than 3000 points in four days. This being the biggest points drop since the financial crisis of 2008.

Financial advisor Terry O'Grady says the Dow had record highs last week, making this drop in points not nearly as bad as it seems.

"I think the biggest message is don’t do anything with your investments, that would be a major mistake to react to this," said Teddy O'Grady, of O'Grady Financial.

O'Grady says virus scares in the past have caused the Dow to drop in points but he says it always bounces back.

"When we’ve looked at the other viruses we’ve had over the last few decades like ebola, swine flu and bird flu; if you look at the returns in every market six months later, they are up in every case sometimes in double digits," said O'Grady.

O'Grady says the worst thing you can do in a time like this is to sell. He says the best thing to do is nothing.