The Dow opens sharply lower after President Trump tests positive for COVID-19, leaving financial markets on the edge ahead of Election Day
"The news came as a shock to investors," Peter Essele, head of portfolio management at investment advisor Commonwealth Financial Network, said in a note."It seems reasonable to assume that markets will be on shaky ground throughout October with the perfect storm of a highly contentious election and a pandemic that remains stubbornly at the forefront."
“Markets appear to be increasingly pricing Joe Biden in as the favorite, and this news may not change that, but Trump could gain support from a quick recovery as U.K. Prime Minister Boris Johnson did during his battle with COVID-19,” Jeff Buchbinder, equity strategist at LPL Financial, said in a note.in September as Sunbelt states resumed business reopenings that were disrupted by COVID-19 spikes over the summer, offsetting persistent layoffs by struggling firms that have exhausted federal aid.
“Initial market reactions to the news that President Trump tested positive for COVID19 are as expected — negative,” Jamie Cox, managing partner at financial advisor Harris Financial Group, said in a note. “However, markets could have some unexpected reactions as this could break the log jam in current stimulus negotiations.”
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