FOLLOW US

The stock markets declined on Friday as investors worry that the COVID-19 pandemic is becoming worse, which could further cripple the U.S. economy.

The investors’ concern about the pandemic is fueled by the fact that President Donald Trump and First Lady Melania Trump tested positive for COVID-19 and they are experiencing mild symptoms.

Pres. Trump has a cough, nasal congestion, and fever. He “received a single 8-gram dose” of a promising experimental treatment (polyclonal antibody cocktail) for COVID-19, which was developed by Regeneron Pharmaceuticals (NASDAQ: REGN). He is also taking vitamin D, zinc, melatonin, daily aspirin, and famotidine, an antacid known as Pepcid, according to a memo released by the White House Physician, Dr. Sean Conley,

Dr. Conley wrote, “As of this afternoon the President remains fatigued but in good spirits. He’s being evaluated by a team of experts, and together we’ll be making recommendations to the President and First Lady in regards to next best steps.”

Dow Jones, NASDAQ, and S&P 500 decline

The report about the President’s health situation has sent the Dow Jones Industrial Average, the NASDAQ, and the S&P 500 to the negative territory.

On Friday, the Dow Jones dropped 134 points or 0.48% to 27,681.81 while the NASDAQ fell 251.49 points or 2.2% to 11,075.02. The S&P 500 went down 32.36 points or one percent to 3,248.44.

Pelosi is optimistic that the next economic stimulus is coming soon

Earlier in the day, the stock markets recorded a steeper decline but recovered some after House Speaker Nancy Pelosi said an economic stimulus bill is “imminent.”

In an interview with MSNBC, House Speaker Pelosi said the President’s COVID-19 diagnosis changes the dynamics of the negotiations regarding the next economic stimulus.

According to her, “This kind of changes the dynamic because here [Republicans] see the reality of what we have been saying all along. This is a vicious virus and it spreads. We always have to find a path, that is our responsibility to do so, and I believe that we will…We’ll find our middle ground. We’re legislators. We’ll get the job done.”

On Thursday night, the House passed a $2.2 trillion relief bill, which reinstates the $600 federal unemployment benefit and provides a second payment of $1,200 stimulus to Americans.

The bill also includes $436 billion relief for local and state governments, $25 billion to help the airline industry cover payroll costs, and $75 billion for COVID-19 testing and contact tracing initiatives. It also includes $225 billion for education, $57 billion for child care.

----------------------------------------

Have a story you want USA Herald to cover? Submit a tip here and if we think it's newsworthy, we'll follow up on it.

Want to contribute a story? We also accept article submissions -- check out our writer's guidelines here.