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Markets lose virus immunity with Trump diagnosis

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Donald Trump’s Covid-19 diagnosis ends the virus immunity that markets have largely enjoyed. The US president said early Friday he tested positive for the disease caused by coronavirus. The ramifications for November’s election, and America’s leadership, depend on the severity of his case. The Federal Reserve has helped prop up markets so far. Investors are now on their own.

Markets also slid after pandemic-induced lockdowns took hold in March but have mostly recovered. That’s largely thanks to the Fed, which pumped liquidity into the financial system and kicked asset purchases into gear, adding about $3 trillion to its balance sheet, which now stands at over $7 trillion.