Live updates: U.S. stocks surge on hopes that a stimulus deal is imminent
Source: Washington Post
U.S. markets soared Tuesday as investors eagerly awaited word on a $2 trillion stimulus agreement between the Senate and White House aimed at rescuing the nations economy, businesses and individuals alike.
The Dow Jones Industrial average opened up more than 1,000 points, wiping away Mondays losses. The Standard & Poors 500 and Nasdaq composites also posted 5 percent gains. In futures trading, the indexes hit 5 percent limit up levels, meaning they could not trade beyond that point. That was a swift turnaround from Monday, when markets tanked as the Senate twice failed to advance the stimulus bill.
Late Monday night, Senate leadership and the Trump administration came closer on emergency stimulus bill after a day of fiery exchanges on the Senate floor. As negotiations wrapped up just before midnight, Senate Minority Leader Charles E. Schumer (D-N.Y.) and Treasury Secretary Steven Mnuchin signaled that an agreement could come as soon as Tuesday morning.
Though some details are in flux, the legislation would provide direct payments of $1,200 to many American adults and another $500 for children. It would also create roughly $850 billion in loan and assistance programs for businesses, states and cities and increase spending for the unemployment insurance program, as well as hospitals and health-care providers.
Read more: https://www.washingtonpost.com/business/2020/03/24/coronavirus-markets-economy-live-updates/
True Blue American
(17,984 posts)To 19,788!
ProfessorGAC
(65,042 posts)These are the same people who ran it up for 2 months b4 it was president yet. And continued it as too many major firms ran up huge debt loads.
Their judgment is not rehabilitated just yet.
Yavin4
(35,438 posts)Run it up. Hope to pull in suckers, and they sell before the next inevitable plunge.
Sugar Smack
(18,748 posts)yaesu
(8,020 posts)Baclava
(12,047 posts)Thekaspervote
(32,767 posts)Speaker Pelosi isnt falling for their lets bail out the corporations bull crap.
BumRushDaShow
(129,014 posts)the "power of the purse" resides with the House, NOT the Senate. So whatever modified version of a money bill that might come out of the Senate MUST be renamed and shoe-horned into a House bill to make it appear to come from the House. Of course Turtle relies on the populace's AND the media's civics ignorance to promote the nonsensical GOP talking points.
captain jack
(316 posts)Rube Icon
(78 posts)that said stimulus will have lots of unearned money for Wall St. Greedmongers.