Ebola has spread to New York City, the Eurozone is facing a steep slowdown and the war against ISIS is raging in the Middle East. All serious issues, but not serious enough to derail the U.S. stock market or the American economy according to Cathy Wood, CEO, ARK Investment Management. “We are happy people are nervous, we like buying into a market like that but we can think of a number of reasons the concerns are misplaced.”

Topping Wood’s list is the sharp drop in oil prices now hovering at $81 a barrel. She thinks investors are failing to understand the global benefits of lower crude prices. “It’s a great increase in purchasing power for us, a great tax cut for all the places you’re worried about, Europe, China, Japan and the United States.”

As for Europe, Wood is less worried  “Europe has not been an engine of growth in my lifetime.” She believes the accelerating U.S. economy will pick up any slack from a prolonged slowdown in the Eurozone.

In the U.S., New York City health officials are working to contain the isolated reported cases of Ebola and investors appear satisfied. Last week the S&P 500 (^GSPC) gained 4% erasing nearly all of October’s losses helped by positive earnings reports from Caterpillar (CAT), Procter & Gamble (PG) and Apple (AAPL).

This week investors will look for more direction when the Federal Open Market Committee meets on October 28-29.

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