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Oil falls below $30 a barrel; Dow plunges 400 points

By the time trading was done for day, the Dow was down nearly 400 points, and oil fell below $30 a barrel and is trading at the lowest level since 2003.

"I'm worried, because oil prices are so far down," investor Agnus Wu said.

Financial experts say cheaper oil, coupled with an unsettled market in China, are both factors for an unstable market in the U.S.

"We take a look at that on a daily basis, but try to have a more long term approach," Edward Jones financial advisor Alexandre Murphy said.

While low oil prices mean cheaper gas at the pump, the trend has also translated to something else.

"It's had a major impact in our economy, in a sense of a lot of people having layoffs," Murphy said.

Despite the up and down and one of the worst starts of trading to begin a new year, investors are recommended to stay the course and consider diversifying.

"Now’s a perfect time to meet with a financial advisor to rebalance your investments," Murphy said.