The Stock Market Just Took Another Plunge
The stock market, which has been wracked with volatility for nearly a month, plummeted on Wednesday morning as the coronavirus pandemic and Republicans continue to delay the economic stimulus package passed by the House.
On Wednesday, stocks fell sharply. The Dow Jones sunk 5.7 percent as trading opened Wednesday morning, losing over 1,200 points. The S&P 500 index dropped 5.1 percent, and the Nasdaq composite fell 5 percent.
AS lawmakers rush to negotiate an ambitious fiscal rescue plan, TTeasury Secretary Steven Mnuchin said Tuesday that checks to nearly every American adult, potentially limited by income restrictions, would ideally go out within two weeks, though experts say the government may need more time.
“Although the president likes the idea of the payroll tax holiday … we’re looking at sending checks to Americans immediately,” Mnuchin said during a press conference at the White House on Tuesday. He pitched GOP lawmakers on a plan expected to top $1 trillion.
Trump on Wednesday morning also pledged to financially support Americans who’ve lost jobs as the restaurant, bar, travel, hospitality and retail industries shut down.
“For the people that are now out of work because of the important and necessary containment policies, for instance the shutting down of hotels, bars and restaurants, money will soon be coming to you,” Trump tweeted.
While the move is supported by Democrats, Republicans are still objecting to the ambitious stimulus plan, raising questions about when Congress can move to protect a deteriorating U.S. economy.