Stocks are soaring on Wall Street amid discussions in the Senate on the $2 trillion stimulus package due to the coronavirus pandemic.
The Dow Jones Industrial Average has been up around 1,300 points at times during early trading.
Investors are looking for a big day because the Dow is heading to its worst month since the Great Depression.
Futures went up early this morning after Congressional leaders and White House officials said they believed they were ready to close a deal on a stimulus bill that would do a host of things, including send money directly to Americans who need it.
Senate Minority Leader Chuck Schumer and Treasury Secretary Steven Mnuchin said they were on the phone with President Trump during negotiations and that a vote was likely this evening.
Yesterday was a different story, with Senate Republicans reeling following two unsuccessful procedural votes on their version of a coronavirus response bill. That’s when House Speaker Nancy Pelosi released her chamber’s version of legislation, which included things that had nothing to do with the pandemic.
According to Republicans, that included funding for the Kennedy Center, the elimination of the U.S. Postal Service’s debt to the treasury, a requirement that airlines accepting assistance under the bill have a union rep on their board, environmental regulations for airlines…even the return of the once famous “ObamaPhone.”
Another provision reportedly in Pelosi’s bill would “require corporations that receive any federal assistance” to pay all of its workers at least $15 per hour.
Yesterday’s negotiations had Sen. Marco Rubio calling it a “really ugly day.” Rubio tweeted that some minor issues are being wrapped up, and he has reason to believe today will be a much better day, stressing that it needs to be, because “America can’t take another day like” yesterday.
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