Complicated chaos: How stock market dip can benefit consumers

Gas prices expected to drop

Could there be gain among the stock market pain?

DETROIT – The stock market took hits Monday, but there is gain among those losses.

Stocks had their worst day since the 2008 shutdown, fueled by coronavirus fears and a fall in oil prices.

MORE: Dow drops 7.8% as free-fall in oil, virus fears slam markets

While the market is feeling pain, there’s some benefits consumers can expect as a result.

The price of gas is expected to drop below $2 a gallon. Also, if you’re planning to buy a new house or refinance your mortgage, now is a good time. Right now, the 30-year fixed rate is 3.15 percent. The 15-year fixed rate is 2.8 percent.

People who have investments are reminded to check their allocations and make sure they are diversifying those investments.

About the Authors:

Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Planner™ Professional.