{"id":80911,"date":"2020-10-02T17:47:32","date_gmt":"2020-10-02T14:47:32","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/dow-plunges-more-than-400-points-after-trumps-covid-19-diagnosis\/"},"modified":"2020-10-02T17:47:32","modified_gmt":"2020-10-02T14:47:32","slug":"dow-plunges-more-than-400-points-after-trumps-covid-19-diagnosis","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/dow-plunges-more-than-400-points-after-trumps-covid-19-diagnosis\/","title":{"rendered":"#Dow plunges more than 400 points after Trump\u2019s COVID-19 diagnosis"},"content":{"rendered":"

“#Dow plunges more than 400 points after Trump\u2019s COVID-19 diagnosis<\/strong>”
\n<\/p>\n

\n President Trump spooked Wall Street Friday with his stunning revelation that he\u2019d caught the coronavirus \u2014 but reports that it was just a mild case soothed investors\u2019 sniffles.<\/p>\n

The Dow Jones industrial average plunged as much as 433.96 points, or 1.5 percent, to 27,382.94 in early trading after Trump\u00a0overnight announcement that he\u2019d tested positive for the potentially deadly COVID-19 bug.<\/p>\n

The benchmark S&P 500 likewise dropped as much as 1.7 percent while the tech-heavy Nasdaq plunged as much as 2.5 percent on the news<\/a>, which the president personally delivered on Twitter<\/a>.<\/p>\n

But the indices recovered after the White House said Trump was feeling \u201cenergetic\u201d and had only mild symptoms, easing some uncertainty about whether the virus would affect his ability to govern.<\/p>\n

\u201cThat changed the direction of the fear trade that it could perhaps be more significant, and then that would lead to more complications in the election process, in leadership \u2014 all of the questions regarding the president\u2019s ability to lead,\u201d Quincy Krosby, chief market strategist at Prudential Financial, told The Post.<\/p>\n

The Dow was roughly flat as of 1:39 p.m. after briefly turning positive, while the S&P was recently off 0.7 percent and the Nasdaq was down 1.8 percent.<\/p>\n

Trump\u2019s shocking diagnosis nevertheless injected a fresh dose of uncertainty into a market already wary of a stalling economic recovery from the pandemic.<\/p>\n

The CBOE Volatility Index \u2014 known as Wall Street\u2019s \u201cfear gauge\u201d \u2014 climbed to its highest level in a week and was recently up about 4.3 percent at 27.86, indicating investors were bracing for a rocky road ahead.<\/p>\n

\u201cVolatility was expected this fall as the presidential election cycle kicked into full gear and we faced our first test of the possibility of a resurgence of flu cases, but markets weren\u2019t likely pricing in the president getting infected,\u201d said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.<\/p>\n

Trump\u2019s positive test also raised questions about the prospects for another large-scale stimulus package to shore up the pandemic-battered economy, which had\u00a0helped lift stocks\u00a0earlier in the week.<\/p>\n

The feds\u2019 monthly jobs report underscored the urgency of the need for more spending. The economy\u00a0added just 661,000 jobs in September, well below expectations for a gain of 850,000.<\/p>\n

While stimulus talks are still at a logjam, House Speaker Nancy Pelosi lifted investors\u2019 hopes Friday when she said more aid was on the way for struggling airlines, either as a standalone bill or as part of a broader package. That could help stave off tens of thousands of job cuts like those announced this week by major US carriers United and American.<\/p>\n

Even if a deal is reached, Trump\u2019s diagnosis likely stoked more fears among investors about another spike in COVID-19 cases that could further threaten the economy, according to Anthony Denier, CEO of trading platform Webull.<\/p>\n

\u201cIt almost kind of confirms our fear that the second wave is coming,\u201d Denier told The Post. \u201cIt\u2019s not just a Dr. Fauci scandal as someone on 4Chan would talk about.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Dow plunges more than 400 points after Trump\u2019s COVID-19 diagnosis” President Trump spooked Wall Street Friday with his stunning revelation that he\u2019d caught the coronavirus \u2014 but reports that it was just a mild case soothed investors\u2019 sniffles. The Dow Jones industrial average plunged as much as 433.96 points, or 1.5 percent, to 27,382.94 in…<\/p>\n","protected":false},"author":1,"featured_media":80912,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2020\/10\/stocks-drop-trump-covid-e1601649906264.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[73973,1545,4941,73977,70359],"class_list":["post-80911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-2-20","tag-coronavirus","tag-donald-trump","tag-dow-jones-industrial-average","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/80911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=80911"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/80911\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/80912"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=80911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=80911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=80911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}