A nervous Dow slumped into decline at the beginning of Tuesday’s US trading session, struggling for direction after yesterday’s mammoth stock market rally – and the shocking report that former New York City Mayor Michael Bloomberg may mount a presidential challenge to Donald Trump after all.
As of 2:55 pm ET, the Dow Jones Industrial Average had lost 84.95 points or 0.32 percent, pushing the index below 26,200 to 26,173.47 just one day after it opened the quarter with a monster rally. Earlier, the Dow had slid more than 100 points, though it had pared those losses by the time of writing.
The Dow was dragged down by Walgreens Boots Alliance, whose shares cratered 12.87 percent after the pharmacy missed second-quarter earnings estimates by a staggering 22 percent. WBA shares stood at $55.32 at the time of writing.
The S&P 500 also slipped into the red, dropping 0.01 percent, though the Nasdaq managed to add 0.51 percent.
That’s a marked change from Monday, the Dow pounded into the second quarter with a blockbuster 329.74 point or 1.27 percent rally to close at 26,258.42. The Nasdaq leaped even higher, surging 99.59 points or 1.29 percent to 7,828.91. The S&P 500 rounded out a banner day for US stocks with a 32.79 point or 1.16 percent gain to 2,867.19.
This morning, the Joe Biden scandal continues to reverberate throughout the 2020 presidential contest. Allegations that the former vice president has a history of behaving inappropriately toward women continue to mount, with Connecticut woman Amy Lappos telling the Hartford Courant that Biden had initiated unwanted physical contact with her at a 2009 fundraiser.
“It wasn’t sexual, but he did grab me by the head,” she said. “He put his hand around my neck and pulled me in to rub noses with me. When he was pulling me in, I thought he was going to kiss me on the mouth.”
As CCN.com reported, Joe Biden – a prediction market favorite even though he had not formally announced his campaign – saw his betting odds tumble after Democratic politician Lucy Flores made a similar accusation on Friday. The scandal bolstered Trump’s odds to win reelection and also gave Bernie Sanders a slight bump, making him the clear Democratic favorite, at least among gamblers.
Biden continues to defend his conduct, but some Democrats believe the post-#MeToo party should distance itself from the 76-year-old former vice president.
Earlier today, Axios dropped the stunning report that the Biden scandal has caused billionaire New York City Mayor Michael Bloomberg to reconsider a 2020 Trump challenge.
Bloomberg announced on March 5 that he would not join the Democratic primary race, which seemed like a tacit concession that the ascendant progressive wing of the party had left centrists like him behind.
However, Axios reports that Bloomberg believes that a theoretical Biden exit would open a clear centrist lane, enabling him to provide a credible moderate alternative to the leftward-lurching mass of candidates who populate the remainder of the crowded field.
A Michael Bloomberg presidency would most likely be a welcome sight for the ongoing Dow Jones boom, as it’s unlikely that the $58 billion entrepreneurs would launch the sort of progressive crusade against Wall Street that other Democrats – most notably Bernie Sanders – have previewed.
Bloomberg also received early backing from Berkshire Hathaway CEO Warren Buffett, which would certainly boost his case on Wall Street, even as Donald Trump argues that the stock market’s breathtaking run during his first term should earn him another four years in the White House.
Meanwhile, President Trump continued his Mueller report victory tour, blasting Democrats on Twitter for turning the special counsel into a “God-like figure,” only to crucify him after “he ruled No Collusion in the long awaited $30,000,000 Mueller Report.”
Last modified: July 2, 2020 8:12 PM UTC