Stock Markets Decline Following News of Trump’s Positive COVID Test

President and first lady both tested positive for COVID-19 on Thursday night

Last Updated: October 2, 2020 @ 6:58 AM

It seems everyone is reacting to the positive COVID-19 tests for President Donald Trump and First Lady Melania Trump. The U.S. stock markets appear to be no exception.

Currently, the major markets are all trending down about (a rounded) -1% from the previous day’s close.

The Dow Jones Industrial Average closed Thursday at 27,816.90, which was up 35.20 points or 0.13% for the day. On Friday, the Dow opened at 27,532.47.

The S&P 500 closed Thursday at 3,380.80, which was up 17.80 points or 0.53% for the day. On Friday, the S&P opened at 3,338.94.

The NASDAQ closed Thursday at 123.92. On Friday, the NASDAQ opened at 122.62.

Of course, there are many factors that could impact these index funds and the stock market at large. But surely, no one working on Wall Street or trading virtually this morning is unaware that the de facto leader of the free world has COVID-19. And the outcome could have a major impact on policy — and the 2020 election.

As one might expect, President Trump announced the news himself on Twitter.

“Tonight, @FLOTUS and I tested positive for COVID-19. We will begin our quarantine and recovery process immediately. We will get through this TOGETHER!” he tweeted.

President Trump’s personal physician, Sean P. Conley, released the following statement through White House press secretary Kayleigh McEnany: “I release the following information with the permission of President Donald J. Trump and First Lady Melania Trump. This evening I received confirmation that both President Trump and First Lady Melania Trump have tested positive for COVID-19. The president and first lady are both well at this time. They plan to remain at home within the White House during their convalesce. The White House medical team and I will maintain a vigilant watch, and I appreciate the support provided by some of our country’s greatest medical professionals and institutions. Rest assured, I expect the president to continue carrying out his duties without disruption while recovering. And I will keep you updated on any future developments.”

The Trumps were tested after it was learned that one of his senior advisers, Hope Hicks, was positive for the coronavirus. “The First Lady and I are waiting for our test results. In the meantime, we will begin our quarantine process!” Trump tweeted earlier Thursday night.

The U.S. stock markets officially open at 9:30 a.m. ET and close at 4 p.m. ET. When the closing bell rings this afternoon, the markets will remain shuttered until Monday morning.