CLEVELAND (WJW) — The stock market took a major hit this week and so did many 401(k) retirement plans.
No one is sure how the coronavirus outbreak will effect the economy and that has many investors nervous.
“If you get online this weekend and look at your account balance and it freaked you out a little bit, you might want to wait until we get a little bit of a recovery, and then re-assess your level of risk and see if you want to diversity it into some other things,” said Jim Lineweaver of Lineweaver Wealth Advisors in Valley View.
The virus halted production and manufacturing in parts of China, but Lineweaver said that has appeared to stabilize. He said American biotech companies could actually see a “boost” as they race to come up with a coronavirus vaccine.