As the coronavirus spread across the nation, fear of its deadly effects hit unprecedented levels. That fear naturally carried over to the stock market where nearly a third of all investors 65 years old and older sold their entire equity holdings. According to data from Fidelity Investments, nearly 18% of all investors sold their entire equity holdings between February and May. However, for those aged 65 and older, that percentage was nearly double at over 30%. With stocks back near their highs, LPL Financial senior market strategist Ryan Detrick noted, “this is yet another reason to have a plan in place before trouble comes, as making decisions when under duress frequently leads to the exact wrong decision.”
Fear carried over to stock market
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June 22, 2020