On Wednesday, the Dow gained 2.39%, marking its first two-day green streak in 7 weeks. Futures are currently up slightly and experts warn that the market may cool as hopes of a quick passage of a coronavirus relief bill are beginning to evaporate.
The Senate has approved a massive $2 trillion relief bill 96-0. Republican senators Mitt Romney, Rand Paul, and Mike Lee are in self-quarantine and did not vote. Senator John Thune remained in his home state of South Dakota and also did not vote. The vote in the House is scheduled for Friday.
The bill would provide $1,200 “recovery rebate” payments to American taxpayers who earn up to $75,000 per year and $350,000 in loans to small businesses to help offset the impact of the coronavirus. It is hoped that President Donald Trump will sign the bill into law on Saturday so that Americans can get the relief they need within approximately three weeks. The president has promised to sign the bill immediately after it is passed by the House.
The coronavirus relief bill has been held up first by Nancy Pelosi and other Democrats who wanted to bundle other unrelated items into it before passing. Republicans in the Senate held up the bill due to a part of the bill that they said would incentivize workers to remain laid off.
Bernie Sanders announced that he would hold the whole bill hostage if Republicans didn’t play ball and allow furloughed workers to collect $600 per week under the bill. Sanders’ threats cooled the market almost instantly. The Senate eventually turned to a final passage vote and did their jobs.