Neil Mardian TD Wealth Private Investment Advice, Medicine Hat February 28, 2020 (photo courtesy Ross Lavigne)

By Chantal Wagner

Stocks Plunge

Stocks continue to fall with Friday’s close topping worst week since 2008

Feb 28, 2020 | 5:13 PM

MEDICINE HAT, AB – Canada’s largest stock index plunged for a sixth-straight day, capping off its worst week since the global financial crisis of 2008 according to the Canadian Press.

The Dow Jones, Canadian Dollar, Crude and Gold also all finished substantially down today.

According to Neil Mardian Sr. Vice President, Investment Advisor with TD in Medicine Hat, the stocks are in some challenging times right now and it’s been an interesting week to say the least.

“The headlines have definitely been something along the lines of this has been the worst stock market week in say a decade. But that doesn’t necessarily put into context of where we started and where we are now today.”

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Mardian says as an example, “We’ve had a really tough week in the market, this puts us back to maybe last summer in the Canadian stock market maybe a little bit further in the U.S. But in terms of context, we’re not really that far out in terms of where the stock market has been in the past.”

He says people are wondering what’s the next step when investing during this time.

Mardian says you have to make sure you are somewhat diversified and to meet with your financial planner quickly if there are concerns with a portfolio.

“To make sure you understand what they’re (the markets) doing and how your portfolio is built. Most really well balanced people right now are not feeling anywhere near the same effects of what’s gone on in the market in the last few days.”

He says it’s important to understand what you have and how much risk you are taking.

“And if you really don’t need the money, again in the next couple of months, then really it’s probably a time to just kind of relax, take a step back, and this too will pass like any flu does.”

According to Mardian, the drop this week has been a lot of focus around the virus COVID-19.

“The virus has been the catalyst right now in terms of the market.”

He says people are concerned over the long term impacts of this, and we don’t know where it’s going to lead quite yet.

“But clarity will come here in a few days, weeks, or over the next few months and the markets will definitely move beyond it and your money will return.”