Stocks See-Saw After Trump COVID Infection Disclosure, Biden Test Negative
UPDATED, 4:05 p.m. ET: U.S. stock indexes dropped Friday after President Trump revealed that he tested positive for coronavirus and a report that September job gains came in below forecasts.
The Dow Jones Industrial Average was down 1.4% at market open, the tech-centric Nasdaq Composite Index slid 2.15%, and the S&P 500 was off 1.5%. Markets recovered noticeably around noon — and the Dow briefly crossed into positive territory — after news that Joe Biden, the Democratic presidential candidate, had tested negative for coronavirus.
As of market close Friday, the Dow had shed 134 points, down 0.48%, and S&P 500 was down about 1%. The Nasdaq index declined 2.2% for the day.
Markets globally were rattled by Trump’s positive test for COVID-19, because it introduces considerable uncertainty about the political leadership of the U.S., the world’s biggest economic power by GDP. At 74, Trump statistically is at a higher risk