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Stocks Give Up Gains, Slide After Record Open on Relief Optimism

Stocks Give Up Gains, Close Lower After Relief Optimism Wilts TheStreet 12/29/2020 © TheStreet Stocks Give Up Gains, Close Lower After Relief Optimism Wilts Stocks finished lower, as early optimism over President Donald Trump s signing of the coronavirus relief package wilted when Senate Majority Leader Mitch McConnell (R-Kentucky) thwarted efforts to increase direct payments to hurting Americans. Popular Searches Leading the Dow 30 lower: Apple , off 1.3%, and Home Depot, down 1.1%. Intel shares jumped on Tuesday after hedge fund Third Point urged the chipmaker to assess strategic alternatives, including possibly separating its design and manufacturing arms. Shares of the Santa Clara, Calif., company closed up 4.9%.

Stocks Give Up Gains, Close Lower After Relief Optimism Wilts

Stocks Give Up Gains, Close Lower After Relief Optimism Wilts TheStreet 12/29/2020 © TheStreet Stocks Give Up Gains, Close Lower After Relief Optimism Wilts Stocks finished lower, as early optimism over President Donald Trump s signing of the coronavirus relief package wilted when Senate Majority Leader Mitch McConnell (R-Kentucky) thwarted efforts to increase direct payments to hurting Americans. Popular Searches Leading the Dow 30 lower: Apple , off 1.3%, and Home Depot, down 1.1%. Intel shares jumped on Tuesday after hedge fund Third Point urged the chipmaker to assess strategic alternatives, including possibly separating its design and manufacturing arms. Shares of the Santa Clara, Calif., company closed up 4.9%.

Pittsburgh-area reps Mike Kelly and Guy Reschenthaler vote against $2,000 checks for Americans

Mike Kelly and Guy Reschenthaler On Mon., Dec. 28, the U.S. House passed a standalone bill that would add $1,400 to the checks that are to be sent out to every American as an economic stimulus in response to the ongoing coronavirus pandemic. Last week, Congress passed an omnibus bill that provides economic relief across many sectors, which included $600 checks sent to every American. President Donald Trump ultimately signed that omnibus bill, but signaled his support for expanding the $600 direct payment to $2,000. House Speaker Nancy Pelosi (D-Calif.) agreed and an amendment was brought up to raise the direct payments to $2,000 for every American. That amendment passed with overwhelming support from Democrats, including Pittsburgh-area U.S. Reps. Mike Doyle (D-Forest Hills) and Conor Lamb (D-Mt. Lebanon), as well as the backing of 44 Republicans.

Critics Blast $600 Stimulus Checks that Won t Cover 1 Month s Rent for Most

Critics Blast $600 Stimulus Checks That Won’t Cover 1 Month’s Rent for Most Senate Majority Leader Mitch McConnell arrives on Capitol Hill on December 20, 2020, in Washington, D.C. Tasos Katopodis / Getty Images Congressional leaders announced on Sunday that a deal between Democrats and Republicans had been reached to provide significant aid to Americans struggling with the financial impact of the coronavirus pandemic. But while the nearly $900 billion deal includes a direct stimulus payment to most Americans, many critics have lambasted the amount that was agreed upon, $600, as too little to help those who are struggling to pay rent, bills or other debts during the crisis.

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