COLUMBUS (WCMH) — There is concern surrounding how President Donald Trump’s COVID-19 diagnosis will impact the economy and the stock markets.
The Dow Jones Industrial Average, NASDAQ and the S&P 500 all closed down Friday. This came on the heels of the futures plunging shortly after the announcement of the president’s diagnosis.
Brad Huffman, a certified financial planner and partner with Future Finances, Inc., said the diagnosis only contributes to the uncertainty already surrounding the markets.
“We’ve been dealing with uncertainty since the beginning of March,” Huffman said. “This adds, unfortunately, a new wrinkle. There were two uncertainties we were facing, at least for those of us thinking about the financial markets. We already knew the virus was uncertain. We knew the election was uncertain and now we have a merging of those uncertainties in, unfortunately, the scenario we face today.”
Huffman recognizes that Friday was not a good day for the markets.
His advice to investors is to approach the markets conservatively, at least in the short term.
“I would be cautious,” he said. “I would not be overly aggressive with anything at the moment. I think it possibly would make sense to, but I think unless you have to make a decision today, I would say you would wait to let some of these uncertainties become more certain.”
Huffman also said investors should remain calm.
“At the end of the day, I wouldn’t say this is a panic point,” he explained. “The economy is a very important factor. The virus is a very important factor. We are making progress on both, and this is just another reason just to be a little bit more conservative than you probably would’ve been up to this point.”