NEW YORK, New York — Are you looking to make some extra money and are interested in the stock market?
Local 5 is on your side with the smart ways to invest during a pandemic.
The stock market has rebounded in the second quarter after it took record plunges during the beginning of the coronavirus pandemic.
So you might be thinking now is the time to capitalize on some capital.
Here's what you need to know.
First, if you've got a lot of money sitting in accounts, you may want to invest.
"You know that old saying cash is king? It's king right now. So if you're invested, obviously you're already in the game," Cameron McCarty with Vivid Tax Advisory said.
But what if you've never done this before?
"I wouldn't five in. I would dollar cost back into the market," McCarty said.
The next thing you should know is be aware of what's going on in the world and how that impacts Wall Street.
"We anticipate this with formation which is where the market is going and if we do see a second wave. And we've got the election coming up, the market could move downwards," McCarty said.
Bottom line, you know your financial status and you may be better off just holding off.
"Cash is king right now so if you haven't been in the market this time, maybe it's better to dollar cost in or maybe just sit tight," McCarty said.
Here's how the markets did Wednesday.
They're drifting higher as more gains for big tech companies are making up for losses elsewhere across Wall Street.
The S&P 500 closed nearly one percent higher.
Treasury yields and oil prices held steady.
REMINDER: Tax Day is just a week away!