x
Breaking News
More () »

"Panic is the wrong answer" | Managing your money as markets call

The Dow Jones Industrial Average closed down 2,000 points--its biggest drop since the 2008 financial crisis

The photos of sad looking Wall Street traders are back. 

Their faces mean we lost a lot of money. 

Portfolio manger Eric Foster says the infection Monday began with the coronavirus. 

"Stock markets, financial markets hate uncertainty so pardon the pun but you've got this petri dish of uncertainty," Foster said. 

A game of how low can you go with Saudi and Russian oil prices added fuel to the fire, but Foster says stay calm. 

"Panic is always the wrong answer," he said.

RELATED: Dow has worst point drop in history

RELATED: Oil falls 25% as another virus-fueled trading week begins; Asian stocks plunge

First the stock sink doesn't change the money in your checking or savings accounts. If you have investments in a retirement plan, stocks, bonds or the like Foster says keep your goal in mind. 

"I know what happened today looks odd on a screen but when do I need my money?" he said. 

If it's not anytime soon, the best answer is probably stay the course. 

But use today's turmoil to review your plan. 

"It's never a wrong day to question where you are, what risk level you're taking," he said. 

And know someone out there is steering into the skid--buying while prices are low. 

"The famous investment saying we want to buy when people are scared and sell when people are greedy," Foster said.