This week the Dow Jones Industrial Average actually dropped below where it was when President Donald Trump took office three years ago.
What does it all mean to you?
Most experts will say to sit tight, and wait out this storm caused by the coronavirus.
We got an explainer on our volatile markets from certified financial planner Denis Horrigan of Connecticut Wealth Management.
“This has been the fastest 20 percent loss since 1987 that we’ve had, and I think just the speed with which it has hit is really causing people to freak out more than they should,” Horrigan said.
Horrigan added it’s all about perspective. While the Dow Jones Industrial Average, one of the stock market’s closely watched indicators, is way down as of late, it’s now where it was when Trump took office, but well ahead of where things were at when the recession hit.
“If you put money to work 10 years ago today, your money still, would have doubled. It's really hard to take that type of a long term perspective, when your emotions really want to take control of the wheel, but we encourage people to take a step back.”
Right now the best thing to do, according to a number of financial experts, is to take a step back, and just start looking at potential stock and bond bargains.
Also with lower interest rates, it’s a great time to consider refinancing a home mortgage. Applications for home mortgage refinancing have quadrupled compared to a year ago, according to our sister network CNBC.