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
Fairlead Strategies founder and managing partner Katie Stockton provides insight into today’s markets.
U.S. equity markets sought direction on Thursday as new home sales outpaced expectations.and after Sen. Majority Leader Mitch McConnell reassured the country there would be a peaceful transition of power should President Trump lose in the upcoming election.
The Dow Jones Industrial Average fell 37 points, or 0.14%, while the S&P 500 was down 0.04% and the Nasdaq Composite edged up 0.05%.
DOW JONES AVERAGES
NASDAQ COMPOSITE INDEX
All three indexes were under pressure earlier after Trump said on Wednesday evening that he would have to see what happens because the “ballots are a disaster.”
Early Thursday McConnell said the inauguration will proceed as it always has.
“The winner of the November 3rd election will be inaugurated