Financial expert gives tips on 401k amid stock market sell-off

A free-fall in oil prices and worsening fears of fallout from the spreading Coronavirus outbreak cause a massive sell-off on Wall Street.

The Dow Jones Industrial Average sank nearly 8%, its steepest drop since the financial crisis of 2008. The Dow lost 2013 points.

The sharp drops triggered the first automatic halts in trading in two decades. U.S. stocks are now down 19% from the peak they reached last month.

“If you do need your money on a real short basis, well that’s another matter. So the advice we have is talk to your financial advisor, review your goals, make sure you’re headed in the right direction and then just keep on investing in quality products. History seems to indicate you’ll be doing just fine,” Paul Meyers with Legacy Wealth Management said.

You can attend a town hall on the Coronavirus and its impact on the stock market Tuesday night at 6:30 at the Holiday Inn on 13th Avenue South in Fargo.