By the Associated Press:
Treasury Secretary Steven Mnuchin is telling House Democrats that direct deposits to Americans will begin next week under the coronavirus aid package. Mnuchin is also telling the lawmakers that $98 billion has been approved for small business retention under a program in the $2.2 trillion coronavirus aid package.
His comments came during a conference call with the coronavirus task force, according to a person unauthorized to disucss the private call and granted anonymity.
Congress is debating the next potential coronavirus aid package as President Donald Trump seeks $250 billion for small businesses and Democrats propose adding another $250 billion for small communities, protective gear and food stamps. A test vote is expected Thursday.
Stocks shot to a 3.4% gain on Wall Street Wednesday as investors chose to focus on the optimistic side of data about the coronavirus outbreak’s trajectory.
The market had been on pace for a similar gain the day before, only for all of it to vanish in the afternoon.
Stocks have been mostly climbing in recent weeks amid signs that deaths and infections may be nearing a peak or plateau in some of the world’s hardest-hit areas. Many analysts say they’re skeptical of the rally, though, given the continued rise in the financial and human toll of the pandemic.
