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Stocks - Wall Street off Lows as Lawmakers Reportedly Near Stimulus Deal

Published 03/23/2020, 12:46 PM
Updated 03/23/2020, 12:50 PM
© Reuters.

By Yasin Ebrahim 

Investing.com – Wall Street moved off its session lows on Monday, amid growing hopes that U.S. lawmakers are set to back a nearly-$2-trillion stimulus package to combat the Covid-19 pandemic, which has killed more than 15,000 worldwide.

The Dow fell 1.87%, theS&P 500 lost 1.66% and the Nasdaq Composite added 0.1%.

Senate Minority Leader Chuck Schumer reportedly suggested U.S. lawmakers were close to ironing out their differences and agreeing on a stimulus package to support economy.

The vote the package is slated for 1:30 PM ET (17:30 GMT), according to media reports.

The growing hope over the passage of the bill comes a day after Democrats had blocked the bid, claiming that it did more to help big businesses that ordinary Americans.

The demand for fiscal stimulus comes as the Federal Reserve continues to play its role to keep markets running smoothly, with the central bank rolling out a serious of measures to prop up credit markets to keep companies afloat as several states enter lockdown.

The announcement comes just days after the Fed said it would expand its asset purchases program beyond Treasuries and mortgage-backed securities to include municipal bonds to avert a liquidity squeeze.

Latest comments

I still look forward to a 20% for the market by end of the year. Once virus in under control and stimulus row out, the market will have to pop big.
Deal or no Deal? The economy is down to on its knees. They will definitely agree on something as there is no other choice. Things will be better thereafter but it will only be temporary if the virus does not subside. Should a cure be found everything will be like it was 5 months back and hopefully this virus teaches countries to be ready should something like this occur in the future.
when a deal is done, do you think markets will be better?
The pop then same old same old down trend until covid-19 cases decline and people can get back to work.
At most for three days.  It will not stop the carnage and length of economic shutdown.  It is an answer to the ability to more quickly recover once the virus is deemed harmless.
Donny Come Lately has Made America Grate Again. Thanks, Donny Boy!
10/10 response. Pls sign gains chart sir.
And I am reporting that they are not close to agreeing to a deal as I listen to them live on C-SPAN
Yoy should watch it thhe last guy had so much fake outrage while defending his slush fund.
I agree i dont think it will be done
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