Home News Stocks falter after lawmakers agree on coronavirus rescue deal

Stocks falter after lawmakers agree on coronavirus rescue deal

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MSN.COM

Stocks
turned lower Wednesday after building on a rally from the previous
session in anticipation of a coronavirus stimulus deal by Congress.
The White House and Senate reached an agreement overnight. The Dow
soared more than 2,100 points Tuesday, or over 11%, notching its
biggest one-day percentage gain since 1933 and its best point
increase ever. The S&P 500 rallied 9.4% for its best day since
October 2008. White House and Senate leaders agreed to a massive $2
trillion coronavirus stimulus bill in the middle of the night. “At
last we have a deal,” Republican Senate Majority Leader Mitch
McConnell said around 1:37 a.m. ET from the floor of the Senate. “In
effect, this is a war-time level of investment into our nation.”
Former Federal Reserve Chairman Ben Bernanke also said Wednesday the
U.S. economy will experience a quick rebound after a “very sharp”
recession. “If there’s not too much damage done to the workforce,
to the businesses during the shutdown period, however long that may
be, then we could see a fairly quick rebound,” Bernanke told CNBC’s
“Squawk Box.” Bernanke added the current situation is “much
closer to a major snowstorm” than the Great Depression.

READ MORE AT MSN.COM



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