WILLIAMSVILLE, N.Y. (WKBW) — The COVID-19 pandemic has led to quite a tumultuous week for the economy. A 1500 point dip from Wednesday night into Thursday has nearly recovered as of Saturday.
"When something feels that real, and that close, and you don't understand it, it's a very natural reaction to become scared," investment managemnent analyst Matthew Kapanek said. "And that fear and uncertainty is what causes a lot of the panic in these markets."
Kapanek says that no matter what, stocks are being sold, regardless of whether a company is directly impacted by COVID-19 or not.
"People are scared to buy when they don't feel confident," Kapanek said. "Consumer spending, as long as this is with us, is probably going to be down."
Despite the pandemic and the state of emergency, Kapanek says that there's a light at the end of the tunnel.
"This might look worse before it looks better," Kapenek said. "We may have economic disruption for a quarter or two, but by mid to late fall, our stance is either we're going to beat this thing... or we're going to accept that this is a part of our lives and life is going to go on."
