Stocks plunge following Trump’s positive virus test
U.S. stocks tumbled down in volatile trading on Friday following President Donald Trump tested positive
for coronavirus and boosted concerns about the election and a pandemic which is rising further, as
reported by CNBC.
Major averages started recovering after some steep losses following House Speaker Nancy Pelosi stated
aid for the airline industry could be emerging soon—maybe as part of a much-anticipated broad relief
The Dow Jones Industrial Average closed 134.09 points, or dropped 0.5%, lower at 27,682.81 after
slipping 430 points at its session low. The S&P 500 went down 1.0%, or 32.36 points, to 3,248.44 after
tumbling down as much as 1.7% earlier. The Nasdaq Composite descended 2.2%, or 251.49 points, to
Shares of airlines surged in unison after Pelosi called on the industry to delay furloughs, stating relief for
airline workers is “imminent.” American Airlines and United managed to surpass earlier losses and
ascended 3.3% and 2.4%, respectively.
“We will either enact Chairman DeFazio’s bipartisan stand-alone legislation or achieve this as part of a
comprehensive negotiated relief bill, extending for another six months the Payroll Support Program,”
Pelosi said in a statement.