MINOT, N.D. - The global stock market continued to plummet for the sixth day in a row.
Wall Street firms say the coronavirus is the cause of the decline. Companies like Apple, Nike, and United Airlines released statements saying the virus has negatively impacted their supply chain, and as a result will most likely not reach their projected revenues. Wall Street Firm Goldman Sachs also revised its earnings from $174 per share to $165 per share.
A local financial investor at Edward Jones in Minot explains why the market is reacting this way.
“With this particular ‘pandemic’ as they're calling it, factory closures, a disruption in supply chain, and city lockdowns originating in foreign countries, are decreasing consumer spending, and the decreasing of that money is trickling through to the rest of the economy,” said Cameron Stone, a financial advisor at Edward Jones in Minot.
Stone says the market has gone through this cycle in the past. Those concerned about their investments should speak with their financial advisors.