Stocks reversed some of their declines on Tuesday afternoon following President Donald Trump’s announcement that he had authorized the release of the full transcript of a call with Ukrainian President Volodymyr Zelensky.
It has been a wild day for stocks. Initially, the major indexes opened up but headed down after consumer confidence fell by more than expected and rumors that House Democrats were planning to impeach President Trump began spreading during the president’s speech to the United Nations General Assembly. Stocks took another downward jag when House Speaker Nancy Pelosi’s office said she would make an announcement on impeachment at 5 p.m. Tuesday.
But they bounced back after President Trump’s tweet on the transcript.
….You will see it was a very friendly and totally appropriate call. No pressure and, unlike Joe Biden and his son, NO quid pro quo! This is nothing more than a continuation of the Greatest and most Destructive Witch Hunt of all time!
— Donald J. Trump (@realDonaldTrump) September 24, 2019
The Dow Jones Industrial Average, which had been down by more than 200 points at the low of the day, was down just 96 points, 0.36 percent, about twenty minutes after the Zelensky transcript tweet. The S&P 500 halved its losses for the day.