Stocks Drop After Trump Announces Positive COVID Test

The U.S. stock market fell following President Donald Trump’s announcement that he and First Lady Melania Trump tested positive for coronavirus.

NASDAQ Composite and S&P 500 declined 2% (234 points) and around 1.6% (55 points) respectively as of Friday morning, according to Fox Business. The Dow Jones Industrial Average also dropped 1.5% (412) points amid the news, Fox reported.

“The news of President Trump contracting COVID-19 may completely change the direction of the campaign and adds to our already cautious outlook on the stock market,” CEO of Hercules Investments James McDonald told Reuters.

The stock plunge comes after the Bureau of Labor and Statistics reported that 661,000 were added in September, which was lower than the initial estimate of around 800,000. August saw a job surge of 1.37 million, according to the Bureau of Labor and Statistics.

The unemployment rate dropped to 7.9% percent from 8.4% following Trump’s health announcement.

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Vice President Mike Pence and Second Lady Karen Pence have tested negative for COVID-19, according to the Pence’s press secretary Devin O’Malley.

“This morning, Vice President Pence and the Second Lady tested negative for COVID-19,” O’Malley said in a tweet. “Vice President Pence remains in good health and wishes the Trumps well in their recovery.”

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