Wall St skids after Trump’s positive COVID-19 test

Business

NEW YORK (Reuters) — Wall Street’s main indexes tumbled at the open on Friday after President Donald Trump tested positive for COVID-19 weeks before the election, with an elusive fiscal stimulus and a slowdown in the domestic economic recovery also denting sentiment.

The Dow Jones Industrial Average fell 102.01 points, or 0.37%, to 27,714.89, the S&P 500 lost 28.19 points, or 0.83%, to 3,352.61 and the Nasdaq Composite dropped 226.18 points, or 2%, to 11,100.33.

Eleven major sectors in the S&P 500, tech suffered the largest loss, while energy and industrials enjoying the biggest percentage gains.

In a reversal from recent sessions, market leaders Apple Inc , Microsoft Corp and Amazon.com were down, providing the heaviest weight on the S&P and the Nasdaq.

Commercial air carriers rose on news off a possible new round of government aid, with the S&P 1500 Airline index rising 1.7%.

Tesla Inc shares fell 6.3% after the electric car maker’s third quarter vehicle deliveries, while reaching a new record, underwhelmed investors.

Trading in Asia was thin, with markets in Shanghai and Hong Kong closed. The Nikkei 225 index shed strong early gains to lose 0.7% after the Tokyo Stock Exchange resumed trading following an all-day outage due to a technical failure.

Reports that the Japanese government is preparing new stimulus measures to help the economy recover from a prolonged downturn worsened by the coronavirus pandemic provided only a temporary lift. Prices fell further after Trump’s announcement.

The Associated Press and Reuters contributed to this report.

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