ROCHESTER, N.Y. (WROC) — The DOW dropped down more than 1,000 points, wiping out its gains for the year.
Financial experts say it’s because of fears surrounding the coronavirus.
Investors tell News 8 the market is down because of fear that widespread coronavirus outbreak could mean a widespread market slowdown.
That’s according to financial expert George Conboy with Brighton Securities. Conboy says investors are concerned that if China’s production slows down, American, European and other manufacturers who use parts made in China won’t be able to get those parts resulting in job loss and less travel.
“It’s far from clear whether the coronavirus will have any meaningful effect on the global economy, but investors always act in advance and always act on their fears and hopes,” Conboy said.