Stacey Cunningham: Why Market Must Remain Open

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Right now, the majority of Michiganders believe the economy is already in a recession, according to the Detroit Regional Chamber’s most recent statewide poll. As anxieties increase about the state of the economy, the market should remain open insisted Stacey Cunningham, president of the New York Stock Exchange, in a webinar with the Detroit Economic Club.

This is an unprecedented and historic period of time, said Cunningham. Many people are worried about how COVID-19 will impact the economy and have questioned whether closing the market is necessary, she continued. Cunningham gave two reasons why keeping the market open is essential:

  1. Closing it will not actually change the underlying concerns that are driving the markets down, and shutting down for a few days will not have a positive impact.
  2. As people are laid off or lose some of their income, it is important not to keep people from their money by closing the market for an extended period of time.

Cunningham emphasized that the stock market does not reflect the overall health of the economy.

“I do believe the market will recover as we get more information about protections that we’re going to put in place,” said Cunningham. “If investors focus on the long-term and you’re not trying to manage your 401K during the most turbulent time in the market, you’re going to be better off just waiting and letting the market run its course and get to a more stable place.”

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