The pandemic has taken a toll on the economy and is continuing to influence the stock market.
As the Pfizer and Moderna vaccines bring a renewed sense of hope for the economy, financial experts say there's still a lot of damage control to be done. Marketing professors at Northeastern State University in Broken Arrow say the pandemic has led to an unhealthy U.S. economy. Professor Jon Shapiro says unemployment and homelessness have skyrocketed, and many people are unable to contribute to the economy. One of the main causes for concern is that people's fear and uncertainty leading to impulsive shopping stocking up on items like toilet paper and hand sanitizer and causing shortages nationwide.
Shapiro says the top 10% of the population is fine but entrepreneurs like mom-and-pop shops are struggling. Shapiro believes we may see a shift in the travel industry. He says while Zoom may lead to a decrease in future business travel, many people are ready to get out again pandemic permitting. Stock prices have gone up a lot this year and experts predict that trend to continue in 2021.
Shapiro says when it comes to investments, everything has a risk BUT there's also a risk in not doing anything.
"Be careful with any investment and usually very often when there's such a buzz and everyone is doing it sometimes that can be a red flag," said Shapiro.
Experts predict as more people get vaccinated for COVID-19, the market might improve in the second and third quarters of next year.