What does the volatility mean for my money?

Trader Michael Gallucci prepares for the day


Trader Michael Gallucci prepares for the day's activity on the floor of the New York Stock Exchange, Monday, March 9, 2020. Trading in Wall Street futures has been halted after they fell by more than the daily limit of 5%.

This has not been a pleasant month to review your 401(k) statements.

On Monday, the Dow tumbled more than 1,800 points in afternoon trading.

The sell-off is part of a brutal stretch for stock markets around the world, weighed down by increased fears that the spreading coronavirus could slow the global economy.

Fears of a recession were also fueled Monday by a drop in oil prices after major producers were unable to strike a deal to prop up the price of crude.

Since February 12, when the Dow reached a high of 29,551.42, the index has shed more than 5,000 points as of Monday trading. 

But what does all this market volatility mean for your money, whether it’s your retirement accounts or that loan you’re paying off? Here’s what you should know:

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