U.S. Markets Tumble in Wake of President's Covid-19 Diagnosis

Gold notched its biggest weekly close in eight weeks

Assistant Editor
Oct 2, 2020 at 4:32 PM
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Today began with a shocking announcement that had stocks set for turmoil. U.S. President Donald Trump sent a tweet early this morning that he and First Lady Melania Trump had tested positive for COVID-19. As a result, by mid-day the Dow was down over 150 points; and though it rose toward the latter part of the day, the blue-chip ultimately finished the session 134 points lower. Meanwhile, the S&P 500 and Nasdaq turned in losses as well, despite optimistic unemployment data and news that the $2.2 trillion Democratic stimulus bill was passed in the House. For the week, however, all three indexes ended in the black.

Continue reading for more on today's market, including:

    • Founder and CEO Bernie Schaeffer analyzes 2020's "odd couple."
    • Our latest update from the ever-changing cannabis sector.
    • Plus, the best and worst stocks to own in October; and more on Shake Shack's bull note.

    The Dow Jones Industrial Average (DJI - 27,682.81) fell 134.1 points, or 0.5%, but added 1.9% for the week. Dow (DOW) led the list today, leading the winners with a 2.6% rise. Meanwhile, Amgen (AMGN) paced the small list losers today, notching a 3.9% drop.

    Meanwhile, the S&P 500 Index (SPX - 3,348.42) shed 32.4 points, or 1% for the day, and the Nasdaq Composite (IXIC - 11,075.02) lost 251.49 points, or 2.2%. The indexes each tacked on 1.6% for the week.

    Lastly, the Cboe Volatility Index (VIX - 27.63) tacked on 0.9 point, or 3.5% for the day, and 4.7% for the week.

    IndexesOct2

    NYSEOct2

    1. With President Trump's recent positive coronavirus test, eyes turned toward former Vice President Joe Biden as he shared the room with Trump for nearly two hours during their debate. (CNBC)
    2. As Halloween approaches, more holidays are on the horizon -- particularly those that function with difficulty if social distancing requirements are still in effect. Here's what one survey says concerning Black Friday(USA Today)
    3. This semiconductor stock is one of the best to own in October.
    4. The month's biggest blue-chip stock to avoid.
    5. Shake Shack stock notched a bull note from Loop Capital.

    There were no earnings of note today.

    UVOLOct2

    Gold Notches Highest Weekly Close in Two Months

    Oil prices fell for a second-consecutive day, after Trump's positive COVID-19 diagnosis. Additionally, rising output levels threatened to overwhelm the market's recovery process. In response, November-dated crude lost $1.67, or 4.3%, to settle at $37.05 per barrel for the day, and 8.7% for the week.

    Gold prices fell as well, though they stayed near the key $1,900 level, brushing off the Trump buzz and notching their biggest weekly rise in eight weeks. However, gains were capped by a steadfast dollar. Gold for December delivery fell $8.70 or 0.5%, to settle at $1,907.60 an ounce for the day, but added 2.2% for the week.


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