ALBANY, N.Y. (NEWS 10) — Fears over the coronavirus caused the stock market Dow to drop significantly this week. Many businesses are being impacted by this including airlines.
One local travel agent said, while Capital Region residents are concerned about the virus, only a few have actually canceled their trips.
“We’ve only had a 3 cancelations so far, and that’s about 2 percent of our passengers traveling in the next 60 days,” explained George Balogh, President of Blue Skies Travel.
He said most of his clients travel to the Caribbean, Europe, and places throughout the United States.
Financial advisor, Hugh Johnson says the coronavirus is causing a serious interruption to the stock market, and it’s impacting a wide variety of businesses including airlines.
“United announced today that they are going to curtail many of their flights to the far East, simpoly because there is not a demand to go far East because of worries or fears of the virus,” said Johnson. “As a result, they are shutting down business and that’s gonna cost them revenues, its gonna cost them earnings, and its gonna show up in their stock price.”
As to how long the virus will negatively impact the stock market, Johnson said it is hard to predict.
“When we get crises of this proportion, of this magnitude, and we have had them before– many of them before, we always recover. Everyone should be concerned, but we should recognize that we will recover and hopefully it will be sooner, rather than later.”
If you have a future trip planned, Balogh said don’t necessarily cancel it just yet.
“As the time gets closer and you’re within a couple of days of that cancelation, being in communication with your travel advisor… so you know what that deadline is, know what you need to do in order to make that cancelation.”
Additionally, Allegiant Airlines released a statement to customers saying they are working closely with health officials in order to continuously monitor the number of cases. The company said customer safety is their top priority and if customers would like to change their flights, they can do so at no additional charge.
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