US stocks fell on Friday after President Donald Trump and First Lady Melania Trump announced that they both tested positive for COVID-19
Trump was tested late Thursday night after close associate Hope Hicks tested positive for the virus earlier in the week The White House doctor did not say if the president had been showing symptoms or for how long he was infected Diagnosis set to halt Trump campaign events weeks away from US presidential election
All three major stock indexes sank in the morning in choppy trading As some sectors cut most of the losses during the day, falling tech giants slammed benchmarks and drove the composite Nasdaq to underperform its peers Utilities, Energy, Real Estate and Industrials all posted gains
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The Cboe Volatility Index – or VIX, which is commonly referred to as the stock market’s fear gauge – climbed to 12% before cooling off all morning
Airline and cruise shares – some of the more common ‘reopenings’ – fell as Trump’s diagnosis criticized hopes for a quick recovery
« Market swings can be unsettling, and there is a lot to think about with today’s headlines. However, history has proven time and time again to us that it is better to wait for them, » said Lindsey Bell, Chief Investment Strategist at Ally Invest « After the last eight months, you should be a pro at rough waters like this »
Read more: A fund manager who beat 99% of her peers in the past 5 years told us why she remains bullish on growth stocks despite the recent sell-off – and listed her 3 favorite stocks for continued gains over the decade come
Market participants also faced a worse-than-expected labor market reading on Friday morning U.S. companies added 661,000 non-farm payrolls in September, according to the Bureau of Labor Statistics The reading fell below 859,000 additions expected by economists polled by Bloomberg Unemployment rate fell to 79% throughout the month, beating the consensus estimate of 82%
Although the government’s monthly report marked the fifth consecutive month of job additions, it also revealed a slowing recovery in the struggling labor market
Millions of Americans still unemployed also find themselves without key government aid House Democrats brought forward their own $ 2.2 trillion measures Thursday night, aimed at reviving a $ 600-a-week extension of unemployment benefits and send another round of direct payments
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House Speaker Nancy Pelosi said she and Treasury Secretary Steven Mnuchin made progress in reaching a compromise on Friday Still, Senate Majority Leader Mitch McConnell has indicated Senate Republicans will not support the bill
Oil prices continued to fall below $ 40 a barrel amid chaotic trading West Texas Intermediate crude sank as much as 54%, at $ 3663 per barrel Brent, the international oil benchmark, has dropped 52%, to $ 3879 per barrel, to intraday low
U.S. Championship investment prospect Evan Buenger has raked in a 1319% return through August He shares the distinct spin he puts on a classic trading strategy that has led to his outsized returns
The bullish trend in stocks on Wall Street is back to pre-pandemic levels – and will likely rise even more after the US election, says BofA
Stock market today, Nasdaq
Global news – US – US stocks slide into technology-based selloff as Trump’s positive COVID-19 test boosts volatile exchanges
SOURCE: https://www.w24news.com
