US stocks jump after President Trump signs $900 billion stimulus bill

Stimulus Bill
  • US stocks edged higher on Monday after President Donald Trump signed a $900 billion stimulus bill after previously leaving it up in the air as he advocated for $2,000 stimulus checks.
  • The bill Trump signed will include $600 stimulus checks, though Trump and Democrats continue to advocate for an increase to $2,000.
  • The House of Representatives will vote on a measure on Monday to increase the size of the checks to $2,000, though Senate Majority Leader Mitch McConnell has not shown willingness to support bigger checks.
  • Watch major indexes update live here.

US stocks gained on Monday after President Donald Trump signed a $900 billion stimulus bill that includes $600 stimulus checks and an extension of the Paycheck Protection Program and unemployment benefits.

After the stimulus bill was passed by Congress, Trump signaled he may not sign the bill as he complained about “pork spending” and advocated for an increase in stimulus checks to $2,000 from $600.

The signing of the bill prevented a government shutdown that would have occurred at midnight tonight. Democrats and Trump continue to advocate for an increase in stimulus checks to $2,000. 

Senate Minority Leader Chuck Schumer tweeted on Sunday, “The House will pass a bill to give Americans $2,000 checks. Then I will move to pass it in the Senate. No Democrats will object. Will Senate Republicans?”

Senate Majority Leader Mitch McConnell has shown no signs of supporting $2,000 stimulus checks.

Here’s where US indexes stood shortly after the 9:30 a.m. ET open on Monday:

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AstraZeneca is on the verge of receiving emergency use authorization from the UK for its COVID-19 vaccine, according to The Telegraph. The rollout and administration of its vaccine could begin in the country in the first week of 2021.

AstraZeneca’s CEO said its vaccine candidate could reach 95% efficacy, on par with vaccines from Pfizer and Moderna, in an interview with the Sunday Times. Shares of AstraZeneca jumped as much as 6% in Monday trades.

Oil prices edged lower. West Texas Intermediate crude fell as much as 0.19%, to $48.14 per barrel. Brent crude, oil’s international benchmark, fell 0.02%, to $51.28 per barrel, at intraday lows.

Gold rose as much as 0.52%, to $1,893.00 per ounce.

Read more: A hedge fund chief who oversees $2 billion breaks down why we’re in for a 61% stock-market crash over the next 18-24 months – and shares 3 types of companies he’s shorting right now

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