Stocks rose for 2nd day running with stimulus in sight. Wall Street trimmed strong gains late in the session after reports raised doubts about how quickly the bill might pass, but the S&P 500 and DJIA still ended up more than 1% and 2%, respectively
Wednesday, Senator Shelley Moore Capito (R-W.Va), said the congressional stimulus package for the coronavirus pandemic should be considered “wartime funding” in the fight against the coronavirus.
“We are in a war against an invisible enemy: this COVID virus,” she said. “And so, this is wartime funding. This is disaster funding that is big and broad. And, hopefully, [it] will give us the economic stability and also the supplies for our health workers and care for our health workers to stabilize the situation while we move through these very difficult weeks.”
The White House and Senate leaders reached agreement early Wednesday on an unprecedented $2-T emergency bill to aid businesses, workers, and the healthcare system hit hard by the pandemic.
“The urgency of the package that we have been working on, that is very similar to what the package they agreed to … would have provided that three or four days ago,” she said. “But we are where we are.
“They have finally said ‘yes’ and I think we’re ready to push the money out to help our constituents but also to help our employers keep people working, worker’s compensation, our hospitals, our cities and counties, and many others. So, this is very good news.”
Wednesday, the major US stock market indexes finished at: DJIA +495.64 at 21200.61, NAS Comp -33.56 at 7383.65, S&P 500 +28.23 at 2475.56
Volume: Trhde on the NYSE came in at 1.8-B/shares exchanged
- NAS Comp: -17.7%
- S&P 500: -23.4%
- DJIA: -25.7%
- Russell 2000: -33.5%
HeffX-LTN’s overall technical outlook for the US major stock market indexes is Neutral with a Very Bullish bias.
Looking Ahead: Investors will receive the weekly Initial and Continuing Claims report, the 3rd estimate for Q-4 GDP, and the Advance reports for International Trade in Goods, Retail Inventories, and Wholesale Inventories for February Thursday.
Have a healthy day, stay at home!