'Crisis of confidence:' Stocks plummet as oil prices crash, coronavirus fear spreads

 

MILWAUKEE (CBS 58) -- The dow dropped more than 2,000 points Monday, March 9, and shortly after the trading day began, a circuit breaker stopped all activity for 15 minutes because of the free fall. 

Trading resumed and the losses continued. 

Part of the problem was the collapse of an alliance between Saudi Arabia and Russia on oil production.

Demand for oil has tanked during the coronavirus outbreak. 

In Milwaukee, Kyle Tetting from the financial planning firm Landaas and Company says patience is key.

"The reality is that long term -- not that this is going to be a blip -- but certainly that this is the kind of thing that happens when you are an investor, it's the kind of thing that happens to markets more broadly, and if we can focus on the long term and get beyond the issues today, the issues tomorrow, the issues the next few days or quarters, it gets us back to that plan," he said. 

Tetting calls the recent losses on wall street a "crisis of confidence" since consumers are not sure about how the virus will affect them.