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Coronavirus concerns affecting Triad wallets

There are no confirmed cases of the virus in the Triad but you still may notice some of these financial affects.

GREENSBORO, N.C. — Coronavirus concerns are impacting something we all watch closely--our money.

The stock market, gas prices, and here in the Triad, the ACC Tournament are three areas that impact us the most.

One impact from the virus you might actually like is that gas prices are down--some below two dollars.

The 20 percent price drop happened over the weekend and it caught driver's attention gassing up on Monday.

"I'm pretty more than excited you know to see gas going down, and we hope that it keeps going down Because it's kind of hard out here for people," said Dennis Kyei.

Experts said the price drop isn't caused just by Coronavirus. Price disputes in the oil industry led to a large supply of oil but combined with the virus, experts said it comes when prices are usually going up.

"This time of year actually is when most people are beginning to plan their vacations and have spring breaks and the prices, people drive more because of this virus what is happening is people are staying home," said Jeff Mercer, a business consultant for Family Fare Convenience Stores in Greensboro.

Mercer said he's also telling his stores to wipe down with disinfectant pumps more frequently.

The lower gas prices are also benefitting basketball fans driving to Greensboro for the ACC Tournament.

The Greensboro Coliseum is taking precautions too. A spokesperson said they've added hand sanitizers and posters to remind people about stopping the spread of germs. 

As staff wipe down just about everything before, during and after the games, the stock market wiped out major gains Monday.

Investment advisor Eric Mattinson said now is not the time to pull your money, instead invest.

"The market always recovers so that's important to understand. Number two is the average duration of those recoveries is only 16 months so very short period of time," said Mattinson.

If you have concerns about your stock, he said talk to a financial advisor before making any decisions.

Parents might also have concerns about daycares. The state is telling child care centers to disinfect frequently and encourage handwashing.

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