(UnitedVoice.com) – The US economy was in a really good place before COVID-19 struck. Unemployment was at a 50-year low and the stock market was hitting record highs. The pandemic disrupted the gains President Donald Trump’s policies made — but now, the situation is turning around.
On Friday, October 16, the stock market opened strong. The Dow Jones Industrial Average was up 1% (it dropped a little bit later), and the S&P 500 was up 0.6% when trading began. An announcement by Pfizer saying it could file for emergency-use authorization for its COVID-19 vaccine as early as mid-November helped. The drugmaker has been part of President Trump’s coronavirus immunization initiative, Operation Warp Speed. Retail sales also started off better than expected.
MIDDAY MARKET UPDATE
– Dow up 0.76%
– Nasdaq up 0.29%
– S&P 500 up 0.45%
Stocks rose, although not in an aggressive rally, as investors weigh several economic factors.https://t.co/ya62Jal342
— TheStreet (@TheStreet) October 16, 2020
President Trump’s economic policies are some of the strongest many Americans have seen in decades. Meanwhile, Joe Biden is talking about raising taxes on the country’s jobmakers. The election is less than three weeks away; who will America choose?
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