The stock market rally simmered as GOP senators and Senator Bernie Sanders battled over the coronavirus stimulus bill by skleb1234
Stocks continued to rebound on Wednesday—posting a second straight day of gains for the first time since February—after Congress came closer to passing a highly anticipated $2 trillion coronavirus stimulus bill, but a disagreement between Senator Bernie Sanders and GOP senators later in the day kept stocks from holding on to their earlier gains.
The Dow Jones industrial average gained 2.4%, nearly 500 points, on Wednesday, while the S&P 500 was up 1.1% and the Nasdaq Composite lost 0.4%. Stocks had surged by up to 6% earlier in the afternoon, but abruptly cut back gains after reports that a Senate vote on the coronavirus stimulus bill could beafter a disagreement on a key unemployment insurance proposal between Senator Bernie Sanders and four GOP senators.that if his GOP colleagues did not drop their opposition on unemployment insurance, he would hold up the vote planned for Wednesday evening to lobby for stronger restrictions on the $500 billion “corporate welfare fund” included in the bill. Despite the market pullback, stocks still posted gains for a second day in a row—for the first time since February—after bouncing back from a three-year low point on Monday. Stocks have moved higher in recent days, thanks to Congress coming closer to passing the $2 trillion stimulus bill—following days of tense negotiations and two failed votes. “It does feel like it’s part of a bottoming process—policy action is usually one of the catalysts that helps markets start finding the bottom,” says Mark Freeman, chief investment officer at Socorro Asset Management. The Dow has risen more than 13% in the last two days. Boeing shares led the index higher on Wednesday, surging 24%, while Nike also gained 9.2%.
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