Stocks See Big Rally As Congress Closes In On COVID Stimulus Deal

( – This week, Congress continued negotiating the next COVID-19 stimulus bill as the last remaining protections from the CARES Act will run out at the end of the month. Republican lawmakers are treating it as a top priority and hope to have a deal hammered out soon. The financial markets are reportedly reacting to their diligence. 

On Thursday, December 17, lawmakers got closer to an agreement on the bipartisan $908 billion package. Wall Street rallied when it heard the news. The S&P 500 rose 0.57%, the Dow Industrial Average was up 0.49%, and the Nasdaq Composite made gains of 0.84%. These numbers will fluctuate as the markets digest the data.

The targeted stimulus bill that lawmakers are working on is expected to include money for the Paycheck Protection Program, unemployment benefits, some funds for state and local governments and possibly direct payments to individuals. Senate Majority Leader Mitch McConnell (R-KY) spoke positively about the direction the negotiations are headed in on Wednesday. 

President Donald Trump has been pushing Congress for months to act and has indicated he will sign a reasonable agreement. 

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