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- US stocks rose on Wednesday as the Senate sought a final vote on a $ 2 trillion aid package to support the economic consequences of the coronavirus outbreak.
- The White House and Senate reached an overnight agreement on the package, but a final vote is still pending.
- The bill includes payments for Americans, extensions to unemployment benefits, and loans for businesses affected by the economic downturn.
- Profits followed the best day of the Dow Jones industry average since 1933. The benchmark rose 11% in Tuesday's session as investors bet on a short-term deal for new fiscal incentives.
- See how key indices are updated live.
The S&P 500 and the Dow Jones industrial average rose Wednesday as the Senate sought a final vote on a $ 2 trillion aid package to support the economic consequences of the coronavirus outbreak.
The White House and the Senate agreed on the bill overnight. The tech-heavy Nasdaq composite slipped slightly that day.
The package would expand unemployment benefits, transfer funds to hospitals and healthcare workers, provide emergency loans to small and large companies, and Send checks to Americans;; The bill includes payments of $ 1,200 for adults and $ 500 for each child.
Around $ 50 billion is earmarked for airline loans, an industry particularly hard hit by the pandemic and sudden stop of travel.
Here were the most important US indices on Wednesday at the end of the market:
Profits followed the best day of the Dow in 87 years. The benchmark rose 11% on Tuesday as a fiscal deal approached. The Federal Reserve had previously provided financial support through rate cuts, asset purchases, and new credit facilities.
The Senate stimulus package would put the money more directly in the hands of sick companies and consumers, as the outbreak harbors a short-term economic recession.
"Despite the tremendous momentum to enter the economy, tight containment measures are the best choice to stabilize the markets," said Jeffrey Bergstrand, finance professor at Mendoza College of Business at Notre Dame University, in an email to Markets Insider.
President Donald Trump's call on Tuesday to reopen the economy by Easter added new concern as US cases increased. The lack of uniform protection mandates "will increase uncertainty again" and "stifle a possible recovery," said Bergstrand.
The oil was trading higher on Wednesday morning after falling lower in the previous session. The commodity has been under pressure in the past few weeks as Saudi Arabia and Russia flooded the market with new stocks and drove prices near lows of two decades.
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(tagsToTranslate) Equities (t) Stock Exchange (t) Market Settlement (t) Wall Street (t) Stimulus Package (t) Stimulus (t) Coronavirus Aid Bill (t) s & p 500 (t) Dow Jones Industrial Average (t) Nasdaq Composite (t) share packaging