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Stocks sink after Trump announces positive coronavirus test

Stocks sink after Trump announces positive coronavirus test
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Stocks opened with steep losses Friday after President TrumpDonald John TrumpStephen Miller: Trump to further crackdown on illegal immigration if he wins US records 97,000 new COVID-19 cases, shattering daily record Biden leads Trump by 8 points nationally: poll MORE announced that he and Melania TrumpMelania TrumpSchumer calls Trump 'a moron' over coronavirus response Melania Trump gives rally remarks in rare joint appearance with the president The Hill's 12:30 Report - Presented by Facebook - Election night could be a bit messy MORE tested positive for the coronavirus and the U.S. added fewer jobs in September than expected.

The Dow Jones Industrial Average opened Friday with a loss of roughly 400 points, falling 1.4 percent. The S&P 500 index fell 1.6 percent and the Nasdaq composite fell 2 percent.

Stock futures fell sharply overnight after Trump and the White House announced at 1 a.m. Friday that the president and first lady contracted the coronavirus. The Trumps’ positive test results came after news of top White House aide Hope HicksHope Charlotte HicksTrump says ex-staffer who penned 'Anonymous' op-ed should be 'prosecuted' Documents show Trump campaign ignored coronavirus guidelines at Duluth rally: report Trump aide won't get into whether Trump has done debate prep MORE contracting the virus broke Thursday night.

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Presidential physician Sean Conley said in a memo released by the White House late Thursday night that President Trump and the first lady "are both well at this time, and they plan to remain at home within the White House during their convalescence." 

A spokesman for Vice President Pence said both he and second lady Karen PenceKaren Sue PenceThe Hill's 12:30 Report - Presented by Facebook - White House plans for another in-person Barrett event Pence's 'body man' among aides who tested positive for coronavirus: report The Hill's 12:30 Report — Presented by the Walton Family Foundation — Sights and sounds from the final debate MORE tested negative this morning. A spokeswoman for Treasury Secretary Steven MnuchinSteven Terner MnuchinDemocrats call Trump's COVID-19 response 'among the worst failures of leadership in American history' The Hill's Morning Report - Presented by Facebook - Trump, Biden set for weekend swing state sprint Mnuchin says he learned of Pelosi's letter to him about stimulus talks 'in the press' MORE said he also tested negative for the coronavirus on Friday.

Investors are also processing a September jobs report that came in well below economists’ expectations. The U.S. added 661,000 jobs last month, according to the Labor Department, well below economists’ predictions of a gain of roughly 800,000 jobs.