Wall Street rebounds as White House $1 trillion stimulus plan takes shape to offset coronavirus

March 18, 2020 - 2 weeks ago
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As the U.S. government takes drastic measures to calm markets in the economic fallout from COVID-19, the White House held a press conference on Tuesday on the coronavirus updates, with Treasury Secretary Steven Mnuchin signalling that the Trump administration is very interested in sending Americans a check in the mail—and soon.

U.S. President Trump, speaking at the White House, promised to help thousands of workers facing furloughs and layoffs.

Among options being considered: $1,000 checks to almost all adult Americans, he said.

Trump urged everyone to remain vigilant – stay at home as much as possible, limit gatherings to 10 people – for at least two more weeks.

“We have to fight that invisible enemy, I guess unknown, but we are getting to know it quickly,” Trump said.

“One day we will be standing up here and be saying, ‘Well, we won.’

President Donald Trump, Treasury Secretary Steven Mnuchin and Vice President Mike Pence gave a televised briefing to outline the steps the administration is taking.

Mnuchin pitched a staggering $1.2 trillion economic response package to Senate Republicans.

“We’re looking at sending checks to Americans immediately,” Treasury Secretary Steven Mnuchin earlier told reporters at the White House.

“I think it’s clear we don’t need to send people who make a million dollars a year checks. But we like — that’s one of the ideas we like. We’re going to preview that today and then we’ll be talking about details afterwards,” Mnuchin said.

Mnuchin also said the stock market would remain open despite the recent volatility, although he said its hours could be shortened if needed.

As global markets around the world remain highly volatile, all three of the major U.S. stock market indices rebounded from the biggest rout since 1987 as the U.S. government stepped up its efforts to offset the financial damage caused by the coronavirus.

The S&P 500 rallied +143.04 points, or +5.99% to 2,529.17 after trading in the red earlier, continuing a streak of volatility last seen during the Great Depression.

The Dow Jones Industrial Average surged +1048.86 points, or a +5.2% gain to 21,237.38, while the tech-heavy Nasdaq Composite finished +430.19 points, or +6.23% higher to 7,334.78.

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