• 21 hours Chinese Stocks Rebound After Regulatory Scare
  • 3 days Apple Stocks Falls After Blowout Earnings Report
  • 3 days The 5 Biggest IPO Disasters Of 2021
  • 4 days Crypto-Based ‘Shadow Financial Market’ Spooks Regulators
  • 7 days Ireland Balks At Biden’s Global Tax Plan
  • 10 days Robinhood To Trade On Nasdaq Targeting $32B Valuation
  • 13 days Facial Recognition Is Watching You
  • 14 days Biden’s $3.5T ‘Human Infrastructure’ Workaround
  • 14 days The Fed’s $3 Trillion Headache
  • 18 days Why Bitcoin Could Struggle To Recover After Epic Crash
  • 18 days Wells Fargo Back In The Spotlight Over Personal Loan Cancellations
  • 19 days Delta Variant Real Threat To Economic Recovery
  • 22 days JEDI Drama Continues With Microsoft Contract Cut
  • 24 days DiDi Shares Take a Beating From Chinese Regulators
  • 25 days Thousands Of Companies Hit In Latest Ransomware Attack
  • 25 days Jobs Report Has Big Numbers, But Still Big Problems
  • 26 days Robinhood’s ‘Mission’ Questioned in $70M Fine
  • 29 days Didi Just Went Public, And Uber Is Loving It
  • 30 days Islamic Finance On Track To Hit $3.7 Trillion
  • 31 days The Lumber Bubble Is Bursting
Robinhood To Trade On Nasdaq Targeting $32B Valuation

Robinhood To Trade On Nasdaq Targeting $32B Valuation

Robinhood, the most popular trading…

Netflix Earnings Red Alert: Subscriptions Could Underwhelm

Netflix Earnings Red Alert: Subscriptions Could Underwhelm

Investors who were expecting Netflix…

Robinhood’s ‘Mission’ Questioned in $70M Fine

Robinhood’s ‘Mission’ Questioned in $70M Fine

In yet another legal hurdle,…

Fred Dunkley

Fred Dunkley

Writer, Safehaven.com

Fred Dunkley is a tech analyst, writer, and seasoned investor. Fred has years of experience covering global markets and geopolitics. 

Contact Author

  1. Home
  2. Investing
  3. Stocks

Stocks Rebounding As Trump’s Condition Reportedly Improves

Trump

The markets are clawing back points as Wall Street prices in extra volatility among already intense uncertainty over elections, with President Donald Trump and Melania Trump both looking to be in a better condition after testing positive for COVID-19.  

The DOW opened down over 400 points Friday, and by 10:53am EST was down 222 points.

The Dow closed Thursday at 27,816.90 and opened Friday at 27,536.39. 

The S&P 500 closed Thursday at 3,380.80, and opened Friday at 3,338.94. The index was down 1% at 10am EST. 

The Nasdaq closed Thursday at 11,326.51 and opened Friday at 11,082.53. By 10amEST, it was down by over 100 points.  

Early Friday morning, Trump tweeted that both he and his wife tested positive for COVID-19, sparking an immediate negative response from the Dow after a Thursday reprieve that had seen Wall Street pare back some earlier losses over election uncertainty and fears of violence.

Shortly afterwards, a senior administration official told reporters that Trump was showing “mild symptoms” and would continue to work from the White House residence.

Also adding to the market’s malaise was news from the Labor Department that nonfarm jobs came in lower than expected, at 661,000, against expectations of 800,000. Only 11.4 million of the 22 million jobs lost at the start of the pandemic have been recovered, according to NBC

The drop in the unemployment rate of 7.9% for September was also lower than the expected 8.2%. 

The news that the president and first lady both have COVID is predictably playing out in the media in an “I-told-you-so” fashion, with stories largely centering around the fact that Trump has downplayed the severity of the virus. 

Speculation is now rampant about what the necessary quarantine may mean for the Trump campaign, which was scheduled for a rally in Florida today.  

Another issue weighing on the markets is the stalemate status of COVID stimulus money. 

On Thursday, House Democrats approved a $2.2-trillion COVID relief package that has no chance of seeing the light of day as Republicans rejected it fully. Instead, Republicans are backing a $1.6-trillion proposal 

"Nancy Pelosi is not being serious. If she becomes serious then we can have a discussion here. We've raised our offer, but when you lower your offer [to] $2.2 trillion, and you ask for direct payments to illegal immigrants and you ask for certain deportation forgivenesses in your offer, it's not a serious offer," House Minority Leader Kevin McEnany said at a press briefing.

Some pundits are speculating that Trump’s COVID-19 diagnosis could positively impact stimulus wrangling, however.

“Initial market reactions to the news that President Trump tested positive for Covid-19 are as expected — negative,” wrote Jamie Cox, Managing Partner for Harris Financial Group, in an email to CNBC. “However, markets could have some unexpected reactions as this could break the log jam in current stimulus negotiations,” Cox wrote.

By Fred Dunkley for Safehaven.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment