Stocks fears Trump’s COVID-19 diagnosis

Stocks went on a wild roller coaster ride Friday after President Trump made an announcement via tweet that night before both he and the First Lady tested positive for the deadly coronavirus.

The Dow Jones Industrial Average opened more than 433 points before renewing hopes for an incentive package, as well as Potas experiencing “mild symptoms”.

The Dow was down 134.09 points, or 0.48 percent, to end at 27,682.81, down 433.96 points at the end of the session. The benchmark S&P 500 was down 0.9 percent at 3,348.44, while the tech-heavy Nasdaq was down 2.2 percent at 11,075.02.

Indices were attended by the White House’s early morning delay that Trump was feeling “energetic” and only had mild symptoms, reducing uncertainty about whether the virus would affect his ability to govern.

“The direction of fear-trading changed,” said Quincy Crosby, Prudential Financial’s chief market strategist.

The lawyer’s promises from another relief package also helped calm investors’ spirits. While incentive negotiations are still in a logam, House Speaker Nancy Pelosi said there was more aid for struggling airlines, which sent more of the industry’s shares. An aid package could help cut those tens of thousands of jobs such as the major US carriers United and American announced this week.

Of course, even if an incentive package was passed, the uncertainty created by Trump’s shocking diagnosis could hang in the markets for some time. The liquidity of the situation was low after the market closed on Friday, with officials announcing that Trump was being taken to the Walter Reed Military Medical Center as a “precautionary measure”.

The CBOE Volatility Index – known as Wall Street’s “fear gauge” – climbed to a week high of 27.86 on Friday at around 4.3 percent, indicating that investors are hanging on to a rocky road ahead .

Chris Zaccarelli, head of “There was a possibility of volatility due to the possibility of the completion of the presidential election cycle and we faced our first test of the possibility of a resurgence of flu cases, but unlikely pricing in the market was.” Investment Officer for the Independent Advisory Alliance.

In addition to governance concerns, investors are also nervous about who else in Trump’s class may contract the disease.

According to a Pence spokesman, both Vice President Mike Pence and his wife Karen Pence have tested negative. Treasury Secretary Steve Mnuchin also tested negative, his spokesman said.

According to Anthony Denier, CEO of trading platform Weibull, the diagnosis has also raised fears that the epidemic is flaring up again, threatening to slow an already painful recovery.

“It almost confirms our fear that a second wave is coming,” Denier told The Post. “This is not just a Dr. Fauci scandal, as someone on 4Chan will talk.”


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