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Stock futures surge, halted for trading amid stimulus hopes

U.S. stocks were poised to open higher Tuesday on hopes that Congress would pass a stimulus bill to shield the economy from the coronavirus pandemic. 

Futures for the Dow Jones industrial average rallied more than 900 points, or 5%, triggering an automatic shock absorber. Standard & Poor’s 500 futures also jumped 5%.

Stocks were set to stabilize following a turbulent start to the week as Congress was nearing a rescue plan that could inject $2 trillion into the economy, according to reports. The measure is designed to provide direct payments of $1,200 to most Americans and $500 to children, help small businesses shuttered across the country and aid the hard-hit travel industry.

Democrats blocked a vote to advance the package Monday, criticizing a $500 billion fund that the Republican proposal sets aside for distressed businesses. They want to steer more assistance for public health and workers. Negotiations were expected to continue Tuesday.

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