Stocks Dropped at Open amid Political Uncertainty

U.S. stocks opened sharply lower on Friday, after President Donald Trump revealed he had tested positive for Covid-19, injecting further uncertainty into an environment roiled by the coronavirus and the upcoming election. The Dow Jones Industrial Average lately fell 283.14 points, or 1.02%, to 27,533.76. The S&P 500 lost 41.47 points, or 1.23%, to 3,339.33. The Nasdaq Composite sank 188.24 points, or 1.66%, to 11,138.26.

Oil prices were hit by a double whammy on Friday, with news that President Donald Trump said he has contracted coronavirus adding to the industry’s concerns about rising worldwide cases of the disease denting demand for the commodity. West Texas Intermediate crude for November delivery tumbled $1.30, or 3.4%, to $37.42 a barrel. December Brent crude futures slid 3.2%, or $1.38, to $39.55 a barrel.

The U.S. created 661,000 new jobs in September and the unemployment rate fell again to 7.9% to the lowest level of the pandemic, but the gain in hiring was the smallest since the economy reopened and pointed to deceleration in the recovery.