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Despite the US kickstarting the distribution of the Pfizer/BioNTech COVID-19 vaccine, the lawmakers are working on one more stimulus round to keep the economic activity on track.
On Tuesday, December 15, the US stock markets remained upbeat on hopes of Congress passing another stimulus package. The Dow Jones Industrial Average (INDEXDJX: .DJI) jumped over 300 points advancing 1.1% to 30,199 levels.
Similarly, the S&P 500 (INDEXSP: .INX) also surged over 1% and closing in positive at 3,694.62, after a four-day losing streak. Also, the Nasdaq Composite (INDEXNASDAQ: .IXIC) jumped 1.5% to 12,595.06, hitting a new record-high closing. Along with the stimulus news, the news about the COVID-19 vaccine from Moderna Inc (NASDAQ: MRNA) added more fuel to the market.
The Latest On Stimulus Negotiations and Initial Vaccinations
Lawmakers are still attempting to agree on a fiscal stimulus package, but House Speaker Nancy Pelosi invited congressional leaders, including Senate Majority Mitch McConnell, to consider government funding and coronavirus relief options, after a bipartisan group of lawmakers sent a proposal for another round of economic relief on Monday evening.
The coronavirus pandemic continues to ravage the nation and the globe, but a stimulus deal could arrive as investors and Americans at large grapple with current anemic growth and jobs data.
The first round of vaccine shots developed by Pfizer and BioNTech were given in the U.S. on Monday, just as the country crested over 300,000 deaths from coronavirus, according to data from Johns Hopkins University. Hospitals across the nation are also grappling with a shortage of ICU beds.
Apple led the Dow higher, jumping 5% after Nikkei reported the company will increase iPhone production by about 30% in the first half of 2021. All 11 S&P 500 sectors registered gains on Tuesday, led by energy and utilities.
The top four congressional leaders were set to meet at 4 p.m. Tuesday, seeking to reach an agreement on another round of coronavirus aid. House Speaker Nancy Pelosi set up the meeting with Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer and House Minority Leader Kevin McCarthy, marking the biggest effort yet to come to a bipartisan agreement.
The new plan calls for $748 billion in spending for programs that are popular on both sides of the aisle, including small business loans, unemployment insurance, vaccine distribution, education and rental assistance. A second $160 billion bill would include the more contentious areas of business liability protections and financial aid to state and local governments.
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