NASHVILLE, TN (WSMV) — 

Concerns grew for many as people lost money when stocks sharply fell on Monday amid growing fear surrounding the coronavirus.

Financial experts say even with looming headlines, people should not worry. Many experts prepare individuals to have financial safety nets.

"They typically look at days like today with less panic when they focus on the long term a little but more. It gets scary if all your money is tied up," said David Adams, Nashville CPA and financial adviser.

Adams says costumers called on Monday asking for advice.

Experts are looking to previous illnesses that have impacted the stock exchange including Ebola in 2018 and swine flu in 2009. Both illnesses saw losses in the market then gains shortly after treatments were found.

Doctors at Vanderbilt Medical Center are looking at the virus, conducting research for treatments but say its not a done deal.

"I think the virus will tell us," said Dr. Mark Denison, who has been studying coronaviruses since 1984. "Our job is to fight the virus and not each other."

"We are working to identify compounds that could be used to block this stage right here," Dr. Denison described the stage in the virus that it replicates. That is what doctors are trying to stop.

He says tests are being done now.

With people are scared about their financial futures with the virus, Dr. Denison says its about being prepared.

"I think they should be prepared to make changes to their plans," he said

Coronavirus is now impacting more countries like Italy and Iran.

The CDC is warning people attempting to travel internationally. In the U.S. the virus is not hitting hard enough to impact local travel.

"Before there's news like this we make sure clients have money set aside on the sideline for emergencies," said David Adams. "You can't live your life not going on a trip or buying a car that you need because of the news in the stock market over a couple days."

According to Dr. Denison, there is not a way to know if we are close to the peak of the coronavirus, but says there is a lot of work being done to stop it.

"This is like a bad black sheep member of the coronavirus family and we need to respond to that but we don't need to do that with a sense of panic or worry," said Dr. Denison.
 

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