Press "Enter" to skip to content

CNBC Special Report: Stocks rise as deal on stimulus bill nears



Day 86 of CNBC’s special coverage of the coronavirus pandemic continues. President Trump has said his goal is reopen the U.S. economy by Easter. Michael Arone of State Street Global Advisors, Jay Timmons of the National Association of Manufacturers, Dr. Tia Powell of the Montefiore Einstein Center for Bioethics, former FDA head Scott Gottlieb, Dr. Sam Torbati, Cedars-Sinai Hospital, Kevin Landis of Firsthand Capital Management, Mark Travis of Intrepid Capital and Ethan Lane of The National Cattlemen’s Beef Association join.

The White House and Senate leaders reached a deal early Wednesday on a massive $2 trillion relief bill — said to be the largest rescue package in American history — to combat the economic impact of the coronavirus outbreak.

As of Wednesday morning, though, the Senate was still drafting the final details of the text. A senior Democratic aide told CNBC that due to procedural reasons, including how long it is taking the Senate to send over a draft of the bill, it is unlikely the House will vote on it Wednesday. The House needs to pass the bill before it can reach President Donald Trump’s desk.

Efforts to pass the measure have taken on urgency as hospitals, companies, states and individuals have all pleaded for needed resources to battle the pandemic. Its impact has now reached into the Senate: Sen. Rand Paul, R-Ky., earlier this week announced he has tested positive for coronavirus.

“The Senate is going to stand together, act together and pass this historic relief package today,” Senate Majority Leader Mitch McConnell said Wednesday afternoon.

In announcing the deal early Wednesday morning, the Kentucky Republican called the proposal is effectively “a war-time level of investment in our nation.” He promised the bill would rush financial assistance to Americans through direct checks to households, enhanced unemployment insurance, hundreds of billions of dollars in emergency loans to small businesses, and more resources for hospitals and medical equipment.

The Senate has yet to release the final terms of the deal. An earlier draft seen Tuesday would provide cash payments of up to $1,200 for individuals, $2,400 for married couples and $500 per child, reduced if an individual makes more than $75,000 or a couple makes more than $150,000.

The draft language also stipulated a $350 billion fund for small businesses to mitigate layoffs and support payroll.

For more coronavirus live updates:
https://www.cnbc.com/2020/03/25/coronavirus-latest-updates.html

For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://www.cnbc.com/pro/?__source=youtube%7CDEK

» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.

Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC

#CNBC
#CNBC TV

0 0 vote
Article Rating
Subscribe
Notify of
guest
39 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments
Jeff Sutthoff
Jeff Sutthoff
1 month ago

Don’t worry just print up some $, make it all better. If $1200 print up $1.2 million

Marco Polo
Marco Polo
1 month ago

only 16% is for American people..a betrayal.. for every dollar they pay in taxes, American will receive..a dime, a nickel and one penny.
corporations which never pay taxes get most of it.

Perry Reasch
Perry Reasch
1 month ago

IS NEW YORK the only place ?? I do not think so

Boss Ny
Boss Ny
1 month ago

Emergency Funding Bill Distorted by Republican Greed and Class Warfare: Measure Is Now Worth $2 Trillion, with $250 Billion to Provide Extra $600
Jobless Benefit for Four Months, $130 Billion for Hospitals, $350
Billion in Grants for Small Businesses That Avoid Layoffs, and $150
Billion for State and Local Government Stabilization; But Mnuchin Gets
His $500 Billion Slush Fund for Big Firms Allowing Takeovers, Mergers,
and Acquisitions; One-Time Check of $1,200 per Adult Is Far Too Little;
We Need $2,000 per Adult and $1,000 per Child Through December Paid for by Federal Reserve; No Provisions for Stopping Foreclosures, Evictions,
Bankruptcies, Utility Cutoffs; Gig Workers and Homeless Get Short Shrift

Lloyd Waters
Lloyd Waters
1 month ago

Trump is trying to preserve his own financial investments by sacrificing American lives . Get the big picture ?

ExtraordinaryLiving
ExtraordinaryLiving
1 month ago
STRONG DOLLAR
STRONG DOLLAR
1 month ago

JUST WAIT TILL THE HURRICANES AND WILDFIRES COME IN THE MIDDLE OF A DEPRESSION.

BeerGrills
BeerGrills
1 month ago

It’s apparent YouTube message boards don’t understand: over 22M people work in RETAIL and it is in danger of not existing. Do you all believe every company is an Apple with a trillion dollars of cash reserves? Home Depot, Lowe’s, Macy’s, Dillard’s, Belk, Kohl’s, JC Penney’s, Saks, Nordstrom, every mall, every property group.. America’s entire retail sector is in jeopardy. Get it together people.

Angus M
Angus M
1 month ago

Leaders focus on optimism. Recognize this and then move on focusing in reports facts regarding virus and economy.

Angus M
Angus M
1 month ago

People in Hell want ice water.

Kevin Phillips
Kevin Phillips
1 month ago

The problem with people like Elan Musck is that they exploit everything they do to get one up on everything. So, comparing his article that he got 1000 masks delivered from China before the Government is a total misread.

Steven Morrissey
Steven Morrissey
1 month ago

I can't even buy a thermometer in NYC! How is that possible?

Dominic Sykes
Dominic Sykes
1 month ago

Over the past seven days, Etherum has seen a stagnation in value, as it only moved 1.14%. The volume of Ethereum traded in the twenty-four hours to time if writing was $17.37B or 0.00% of the total volume of all cryptocurrencies. It has traded in a range of $102.4371 in the past 7days. At its current price, Ethereum is still down 91.40% from its all time high of $1,423.20 set on January 13,2018. I know a trade analyst named Momodou Jallow. He has been helping me with trading by providing daily signals and I have been making a profit of at… Read more »

bearsagainstevil
bearsagainstevil
1 month ago

I think trump is deluded if he thinks this will be over in the states by Easter, its not the end of the world but this thing isn't close to the peak yet

Jay Hoskins
Jay Hoskins
1 month ago

It is the job of the media to misinform the public. It's what they do.

Carolyn Robinson
Carolyn Robinson
1 month ago

Wouldn't have never dropped if we had someone that understood how to run our country, but if you got someone think they knows everything and can't listen to the experts, and using hunches, and feeling right, and going it on what they think instead of listening to the professional. Don't know anything about politics, nothing about the Constitution, just running America on hunches.

Daniel Purdy
Daniel Purdy
1 month ago

Millions of americans are out of work. The government simply printing $5 trillion won't fix the issue that Americans aren't working and companies are shut down. We have a lot further to fall. Massive stagflation coming.

M.Antoinette Adams
M.Antoinette Adams
1 month ago

Did you notice Jay Timmons did not really answer the question? He constantly side tracked it.

S S
S S
1 month ago

Infinite QE + $2T stimulus = 10% market gain. This market is a dead duck.

I P
I P
1 month ago

It is safe to go back to work by Monday

Clark Gordon
Clark Gordon
1 month ago

all a Ponzi scheme, diversionary tactic's blamed on covid-19

Shokenryu
Shokenryu
1 month ago

Did a chicken ran by clucking? 8:20

dj Curiosity
dj Curiosity
1 month ago

I looking forward to air pollute again!

Drone Wild
Drone Wild
1 month ago

This crash even worse. Wait till Friday

J P
J P
1 month ago

Old rich people are digging their old graves and the govt wont be able to protect them.

NaxieGaming
NaxieGaming
1 month ago

The invisible hand! The 1% obviously don't care one iota if the average joe gives his life to help boost their billions, if anything it helps as it's one less pension to worry about. This early push for full churches and open restaurants makes me feel quite sick, just so Trump can boast about his precious Dow rising by a records, all while people are scared, suffering and dying.

DhowTo
DhowTo
1 month ago

Hand washing.
Social distancing.
24 hour shelter in place.

So, we can get through this

Alexander Macedon
Alexander Macedon
1 month ago

All of these politicians are just using this whole thing as a distraction, while they plunder our country.

bernardmailman
bernardmailman
1 month ago

Buy silver

pokerwookie
pokerwookie
1 month ago

LET IT CRASH AND BURN

Indian Aristocrat
Indian Aristocrat
1 month ago

Markets are Way bigger Than real Economy. Economy is not Growing can't catch-up with Markets . So markets Going to Catch-up with economy 50% drop.

Dark Rainbow
Dark Rainbow
1 month ago

When you put profits before people and money before morals, this happens.

Do these purported experts have no short-term memory? This is not an increase. It’s a symptom of abject volatility. We could easily ignore the stock market until public health gets under control.

Joe Bloe
Joe Bloe
1 month ago

'THREE-PRONGED IDEA' — one prong for each of his brain cells!!!!
MARKET WILL TANK SOON 20 TO 30%

Billy Pun
Billy Pun
1 month ago

The bill just passed. However, what other good news can support the rally back to the bull? Unemployment report coming on Thursday … Business is getting out of business. The whole world basically is shutting down with the current terrifying situation.

A Z
A Z
1 month ago
WestCoast Garage
WestCoast Garage
1 month ago

Haha money printer go brrr

Rob
Rob
1 month ago

Dr. Tia Powell is an alarmist.

Ronald McDonald
Ronald McDonald
1 month ago

Trump talks about opening the economy ……w/o talking about any medical facts.
Not very bright.

tina
tina
1 month ago

This shows that even you financial experts don't know what you are doing. This crisis is just starting

39
0
Would love your thoughts, please comment.x
()
x