Stocks Drop After Trump Announces Positive COVID Test

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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 was down nearly %1, as of Friday morning, according to Fox Business. The Dow Jones Industrial Average also dropped about 122 points after trading opened and the S&P 500 dipped %0.6 after the news of Trump’s positive test, 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% in a report released Friday.

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. (RELATED: President Trump, Melania Test Positive For COVID-19)

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

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