Complicated chaos: How stock market dip can benefit consumers

Gas prices expected to drop

Could there be gain among the stock market pain?
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.