Stocks rose Wednesday after the Trump administration and Senate leaders reached a deal on a $2 trillion fiscal stimulus bill amid the ongoing coronavirus pandemic.
The Dow Jones Industrial Average gained roughly 400 points, rising 2 percent as trading opened Wednesday morning. The S&P 500 rose 0.7 percent and the Nasdaq composite rose 0.6 percent as Congress closed in on passing a massive economic rescue package.
White House officials and Senate leaders announced early Wednesday morning that they had reached an agreement after days of heated negotiations to fight a deep economic slowdown driven by the outbreak.
The bill would spend approximately $2 trillion on tax rebates, four months of expanded unemployment benefits and several tax-relief provisions aimed to relieve pressure on individuals, families and businesses.
The deal also includes $500 billion for a major corporate liquidity program through the Federal Reserve, $367 billion for a small-business loan program, $100 billion for hospitals and $150 billion for state and local governments.
Americans who make less than $75,000 would also receive a one-time check for $1,200. Individuals with no or little tax liability would receive the same amount, unlike the initial GOP proposal that would have given them a minimum of $600.