It was a record day on Wall Street, as the Dow Jones industrial average, S&P 500 and Nasdaq all hit all-time highs Thursday. What was the reason? Most likely the news that a $900 billion fiscal stimulus bill is just around the corner.
Inside the stimulus bill is reportedly direct payments to Americans, $300 billion for the Paycheck Protection Program, and a $300 weekly federal unemployment benefit. All of those elements are things that should help the economy and it certainly brought confidence to traders.
Things started moving quickly on the stimulus package when Senate Majority Leader Mitch McConnell expressed a desire to back direct payments to Americans. Reports say the issue was hurting the two Senate candidates in Georgia who are involved in tightly contested and very important runoff elections on January 5.
Senators appear ready to work through the weekend to get the deal done.