Trump’s COVID-19 Status Sparks U.S Stocks Market Slid

The coronavirus positive status of the President of the United State of America, Mr Donald Trump, has reportedly sparked a drop in the US stocks market, according to multiple reports.

BIGPEN reports Trump had on Friday morning, Nigerian Times spoke in a tweet message to reassure Americans hours after testing positive to dreaded virus which have killed more than 207,000 Americans and devastated the economy.

He said that he and his wife, Melania, tested positive to the virus but they would get over the virus together.

“Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!”, the President tweeted.

Few hours later, multiple reports say, the US stock market had drop following the development.

According to the BBC report, all three of America’s main indexes – the Dow Jones, the S&P 500 and the Nasdaq – fell by between 1% and 2.2% when trading began on Friday, broadly in line with market expectations. Minutes later, markets rose slightly.

Advertisement

Hours earlier, Mr Trump had declared that the end of the coronavirus pandemic “is in sight”.

The Dow Jones was trading 0.8% lower in early trade, the tech-focused Nasdaq fell 1.2% and the S&P 500 index dropped 0.9%., the report said.

The S&P 500 was down 0.6 percent in late morning trading, just hours after Mr. Trump said in a late-night Twitter post that he and the first lady, Melania Trump, had tested positive, The New York Times had reported.

“Mr. Trump’s announcement prompted investors to seek out safety assets such as the dollar and government bonds overnight, but as trading opened in New York they appeared to take the news in stride: The index recovered ground after opening down 1.4 percent.

“After an initial reaction the news is only likely to have a lasting market impact if it’s seen as influencing the election outcome or public health,” Paul Donovan, the chief economist at UBS Global Wealth Management, said in note to clients.

Advertisement