Stocks jump on hopes for a coronavirus stimulus package

Twitter suspends travel as companies grapple with coronavirus

[ad_1]

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

The Dow Jones industrial average rallied more than 1,300 points, after slumping to a three-year low a day earlier. The Standard & Poor’s 500 jumped 6%. Stock futures had briefly surged 5%, triggering an automatic shock absorber.

Stocks stabilized overnight 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.

[ad_2]

Source link

By Javier Manning

Javier has been in the field of content writing for almost 8 Years as he hails from the Biotechnology background. The edifying articles portray her craving towards language. His keen hobby of reading technological innovations related books or articles has sown the seed of being a well-versed editor with the current scenario of numerous industry verticals. He is one of the valuable assets to this publication. The Industry News Press has awarded him with a senior editors post based on his skillful performance to date.