Stock market takes major hit amid coronavirus and crude oil price war

PHILADELPHIA (WPVI) -- Taking the temperature of the average person who has a 401K with stock investments, we found a lot of people have lost money.

They're concerned about when the markets will finally rebound after a brutal day on Wall Street on Monday.

"All of a sudden you get up on a Monday morning and the stock is down 1,400 points or whatever it was this morning. It's crazy, it's really insane," says Carmen Santiago of Pennsauken.

She's been tracking her money in the market.

"I lost like $20,000 in my stock market this morning. That wasn't really good for me. I understand with this whole coronavirus people are really scared," said Santiago.

The stock market faced another sharp decline on Monday, with stocks plunging amid coronavirus concerns and a crude oil price war between Saudi Arabia and Russia sent traders into a selling frenzy.

Soon after the market opened Monday morning, the S&P 500 fell seven percent forcing a trade stoppage, or circuit breaker, for 15 minutes.

Guy LeBas is a fixed income strategist with Janney Montgomery Scott. He says stay in the market, don't sell everything off. In fact, now is the time to buy if you can.

"The key here - you can buy those same investments today for as much as 10 or 15% less than you could a month ago," said LeBas.

There could be advantages for everyday consumers. A 25% drop in crude oil prices, means relief at the pump and cheaper home heating.

Historically low interest rates may mean now is the time to refinance your mortgage.

"I think that is the biggest personal finance opportunity that many individuals have right now," said LeBas.