REPORT: Dow soars anticipating official approval of stimulus deal, 5 senators could derail it
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The S&P 500 and Dow Jones industrial average climbed on Wednesday as the Senate moved toward a final vote on a $2 trillion relief package to aid economic fallout from coronavirus.
Here’s where the major US indexes stood at the market close on Wednesday:
S&P 500: 2,475.56, up 1.2%
Dow Jones industrial average: 21,200.55, up 2.4% (496 points)
Nasdaq composite: 7,384.29, down 0.5%
The article goes on to state the following:
The gains followed the Dow’s best day in 87 years. The benchmark index soared 11% through Tuesday’s session as a fiscal deal neared. The Federal Reserve had already issued monetary support through rate cuts, asset purchases, and new credit facilities.
The report notes that the Senate’s stimulus package would support ailing businesses and consumers amid the coronavirus outbreak.
According to CNBC, 4 GOP senators and Independent Sen. Bernie Sanders have threatened to hold the bill up.
[F]our Republican senators — Lindsey Graham and Tim Scott of South Carolina, Ben Sasse of Nebraska and Rick Scott of Florida — threatened not to support the chamber’s push to pass the rescue package through fast-track procedures. They argued a plan to add $600 per week to unemployment insurance for up to four months, a core provision of the near-final legislation, could encourage companies to lay off workers and Americans to stay unemployed.
Sen. Bernie Sanders, I-Vt., then said he would delay the bill if his GOP colleagues did not drop their opposition, calling it an “outrage” to prevent Americans from getting emergency unemployment insurance. In a statement, he said he is “prepared to put a hold on this bill” to lobby for tighter restrictions on companies receiving aid from a taxpayer pool of $500 billion.
Stocks tumble into the close after Bernie Sanders threatens to put a hold on the coronavirus stimulus bill; Nasdaq turns negative and Dow up only 480 points after surging 1,300 earlier https://t.co/kumM5Z3mLD pic.twitter.com/tw7O9qsyCw
— CNBC Now (@CNBCnow) March 25, 2020
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