Economics at your fingertips  

COVID-19 and the stock market: evidence from Twitter

Rahul Goel, Lucas Javier Ford, Maksym Obrizan () and Rajesh Sharma

Papers from

Abstract: COVID-19 has had a much larger impact on the financial markets compared to previous epidemics because the news information is transferred over the social networks at a speed of light. Using Twitter's API, we compiled a unique dataset with more than 26 million COVID-19 related Tweets collected from February 2nd until May 1st, 2020. We find that more frequent use of the word "stock" in daily Tweets is associated with a substantial decline in log returns of three key US indices - Dow Jones Industrial Average, S&P500, and NASDAQ. The results remain virtually unchanged in multiple robustness checks.

Date: 2020-11
New Economics Papers: this item is included in nep-big
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link) Latest version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this paper

More papers in Papers from
Bibliographic data for series maintained by arXiv administrators ().

Page updated 2022-11-25
Handle: RePEc:arx:papers:2011.08717