LEXINGTON, Ky. (LEX 18) - — US stocks tumbled once again on Friday as concerns about Coronavirus continued to mount. Equities were on track for the their worst week since the 2008 financial crisis.
Playing the stock market is a game of risk, but a week like this is unnerving for even the most experienced financial experts.
"Of course it creates anxiety among any group or investor, so you try and prepare for it, " said Lawrence York, Chief Investment Officer at Lexington's ProActive Advisors.
York has 30 years of financial planning experience, and he said one reason this particular market situation is so unclear is because we do not know exactly if or when the Coronavirus might spread, and just how much it is affecting companies. But he said advisors in the US can look to what has been happening overseas for some guidance.
York explained, "We don't know if the Coronavirus is going to hit the US in a big way, but we do see what's happening in China and it's closed down a large part of their industry."
So how could this impact you and things like your retirement fund or 401K?
"It depends on a couple things, " York said. "It depends on how young a person is, you know a person that is in their 20s or 30s you've got a long time to make back the money. It depends on how much they're in stocks or in bonds."
One thing is for sure, York said do not make any emotional or panicked decisions. He said it is likely prices will continue to fall for now, so he said decide how long you want to stay in and make an exit plan.
"You need to think about how much am I willing to lose and when you hit that level: change, " York said.