CHARLESTON, WV (WOWK) – On Inside West Virginia Politics, we’re joined by John Burdette of Fourth Avenue Financial to take a look at the financial impact of COVID-19 on the stock market and investments.
Early last week, stocks went down in the U.S. Burdette says while COVID-19 concerns are playing a role in the stock markets, it is also common for the markets to take what he calls “a breather” or a correction time after a run-up. He says this will generally happen about once a year, but that we have not seen it happen since approximately 2018.
Burdette says during the pandemic, tech companies have taken off driving their stocks to a higher value compared to other companies. However, he says even with 2020 being a strange year for the markets, he is still encouraging his clients to think ahead on their assets and keep them balanced between long-term and short-term goals, especially as these correction times do happen and will happen throughout their retirement.