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Stocks rally after worst trading day since 2008 financial crisis

“I urge people not to panic, not to have fear,” Abdel Missa of Ponte Vedra-based firm Market Cipher Partners said.

PONTE VEDRA BEACH, Fla. — It was a roller coaster on Wall Street as March 10 trading closed up nearly five percent as coronovirus continued to weigh on the minds of investors.

“I urge people not to panic, not to have fear,” Abdel Missa of Ponte Vedra-based firm Market Cipher Partners said.

Abdel Missa was trading on Wall Street during the financial crisis of 2008. He explained what led to that situation where ordinary investors lost retirements is nothing like what’s happening now.

“We had issues with the mortgage market, we had issues with unemployment and then we had issues in the credit market," he said. "We are nowhere close to this right now.”

Market Cipher Partners is watching how stocks respond to coronavirus around the world. He said in some cases, he's seeing rebounding.

"[China] manufacturing is starting to come back," Missa said. "Invest accordingly because the last thing you want to do is panic and then the markets come back."

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When it comes to adding to a portfolio, Missa said sectors like utilities and consumer essentials are growing areas.

“These sectors have become more attractive because interest rates have gone down so much,” he explained.

Missa, who also produces free educational videos about financial topics, said the things still sit in a correction stage. Additional losses could mean a bear market. However, actions by the Federal Reserve including interest rate adjustments would spark reaction on the trading floor.

“[The government] needs to show to the market who is the boss," he said. "They have the tools, they have the game plan, they’ve seen it before. They just need to act and everything should be just fine.”