MANKATO, Minn. (KEYC) — US stock markets continue to tumble as the coronavirus spreads, affecting the global economy.
Worried investors continue to drop stocks, a day after the Dow Jones Industrial Average dropped over 1,000 points, the biggest decline in one-day trading for American markets in two years.
The sell-offs were sparked after the Center for Disease Control and Prevention warned Americans to prepare for the likelihood of the coronavirus spreading throughout the country.
As widespread fear hits investors, a Mankato area financial adviser says people are protecting their profits.
“There’s uncertainty surrounding the coronavirus and its impact on potential economic growth. People tend to use this as a reason to say let’s maybe take some of our profits that we’ve made, we don’t want to lose some of the profits we’ve earned, let’s maybe take some off the table and see what happens next,” explained Ryan McKeown, senior vice present and financial adviser at Wealth Enhancement Group.
So far, there have been 53 cases of coronavirus reported in the United States, with more than 80,000 reported globally.