Trump’s COVID Diagnosis Dropped the Stock Market

October 5, 2020
101 Views

America’s citizens and the stock market were left stunned on Friday as it was announced that President Trump, First Lady Melania, and several associates of the administration were tested positive for COVID-19.

President Trump, who has at times downplayed the virus and its impact on America is now receiving care at the Walter Reed National Military Medical Center in Washington D.C.

With mixed news coming from administration insiders and Trump’s medical team, stock trading could be slow throughout this week.

Market Response on Friday

American markets were down on Friday, with investors uncertain about Trump’s condition and what it could mean for the election and the economy.

  • The Dow Jones Industrial Average (DJIA) was down -0.48% at the close of trading.
  • The NASDAQ Composite (COMP) was down -2.22%.
  • The S&P 500 (SPX) was down -0.96%.

These declines came the same day that Trump’s positive Coronavirus diagnosis was made public. Since then, new information has been released to the public.

The President tweeted and even released a video over the weekend showing him to be in good health. His physicians said in a press conference that his condition is improving and that he is being treated with experimental therapeutics. Trump took part in a short photo-op on Sunday to wave at his supporters from an SUV, before returning to the hospital.

However, news leaks from inside the White House have suggested that Trump needed oxygen treatment for breathing difficulties and that he felt unusually fatigued before being flown by helicopter to the Walter Reed hospital.

The mixed news is concerning for investors and analysts. Trump’s head physician failed to give direct answers when asked basic questions by the press over the weekend.

A growing number of users on Twitter, news anchors, and political and financial analysts have called for full transparency surrounding the President’s condition.

President Trump Could be Discharged on Monday

While these calls for transparency are valid from most perspectives, they may be unnecessary in the end. President Trump’s doctors said on Sunday that his condition was improving and he could be released as early as Monday.

Of course, with an election coming up fast, investors will still face uncertainty and potentially some volatility in the coming weeks.

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