U.S. stocks rose as investors anticipated the passing of a new stimulus package. The Dow was up 1.5%, the S&P 500 rose 1.6%, and the Nasdaq was up 1.9%. The government previously allocated $6.2 trillion in stimulus funds, which included federal economic programs and individual stimulus checks. These packages caused personal incomes to increase by 10.5% in April 2020, the largest increase recorded in American history.
- The total value is $2.2 trillion.
- Includes funding for small businesses, education, and childcare.
- Stimulus checks worth $1,200 for those with a gross income under $75,000. An additional $500 for each dependent and $600 extra per week through the Federal Unemployment Benefit.
- States and cities will get $436b to cover their budget deficits.
- Specific funding for airline workers, the U.S. Postal Service, election security, and other additional items are included.
However, reports suggest that Senate Republicans and the White House will find the $2.2 trillion price tag on the bill too high.