Writer and economist Stephen Moore issued caution during Sunday’s “The Cats Roundtable” on New York AM 970 radio regarding the stock market’s hit amid the coronavirus outbreak.
Moore advised listeners to “not be freaked out and panicked” and sell their stocks right now.
“[P]eople should not be freaked out and panicked, because that’s how you lose money in the market,” Moore told host John Catsimatidis.
“Look, there will be a hit to the real economy, no question about it,” he added. “This quarter we were going at about 2.5%, you know, a nice pace of growth with full employment until, bam, we got hit with this virus. And it’s more of a fear … than an actual event. You know, look, we don’t know how serious this is going to be — none of us do. I’m not a health expert by any means, but, you know, people oftentimes make the mistake of kind of following the herd, and sometimes they follow the herd right over the cliff.”
Moore then emphasized, “I want to say this loud and clear: Now is a terrible time to sell your stocks. And I’m not saying, John, that this is not the bottom. We may not see the bottom for another few weeks. … You don’t want to sell in a down market.”
Instead of selling, Moore said now is a good opportunity to buy stocks for the long term.
“As I look at the stock market now at some of these blue-chip companies, I’m seeing some real buying opportunities,” he stated.
Follow Trent Baker on Twitter @MagnifiTrent
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