By: Jared Evan
On Monday stocks rose upon the announcement of President Trump’s quick recovery from COVID, yet quickly plunged on Tuesday after the President Tweeted in a fury that the stimulus negotiations will be delayed until after the elections.
U.S. stocks closed at the highest levels in a month amid optimism that President Donald Trump will leave the hospital and lawmakers will move closer to providing more stimulus. Treasury yields jumped and the dollar weakened, Bloomberg reported.
The Dow Jones Industrial Average surged 1.7% to 28,148.18, the highest in more than a month on the biggest jump in almost 12 weeks.
The Nasdaq Composite Index climbed 2.3% to 11,332.48, the highest in more than a month on the largest increase in almost four weeks.
Trump, who has been in the White House less than a day since his return from Walter Reed, crashed stocks, bond yields but sent the dollar soaring, when he tweeted that due to Nancy Pelosi’s “bad faith” negotiations, he has instructed representatives “to stop negotiating until after the election” and instead to focus on approving Amy Coney Barrett to the Supreme Court.
Trump Tweeted:
“Nancy Pelosi is asking for $2.4 Trillion Dollars to bailout poorly run, high crime, Democrat States, money that is in no way related to COVID-19.
“We made a very generous offer of $1.6 Trillion Dollars and, as usual, she is not negotiating in good faith.
“I am rejecting their request and looking to the future of our Country. I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business.
I have asked Mitch McConnell not to delay, but to instead focus full time on approving my outstanding nominee to the United States Supreme Court, Amy Coney Barrett.
Our Economy is doing very well. The Stock Market is at record levels, JOBS and unemployment also coming back in record numbers. We are leading the World in Economic Recovery, and THE BEST IS YET TO COME!”
This comes after the last few days of the President urging congress to make it happen. Even stranger, Trump urged McConnell to make a higher offer, only last week, signaling his willingness to work with the Democrats
Instantly after the Tweet, the DOW lost as much as 900 points before a slight recovery to around a loss of 500 points. NASDAQ saw similar drops
