A deal has finally been struck on a much-needed stimulus package for the United States of America. US Senate leaders reached a deal with the Trump administration on nearly some $2tn to help rescue the American economy from being dragged further lower by the coronavirus pandemic.
It took days of around-the-clock negotiations amongst senators and administration officials, with much disagreement that had been delaying the process. However, it has now seen the largest US economic stimulus measure ever passed.
Many countries are now working on stimulus packages to support their economies, but have had mixed reactions across the board from the markets. The near-$2tn package of measures will help ease the pain of mass layoffs as businesses have been forced to close and employees ordered to stay at home.
What does this mean for the market?
US stock indices were already enjoying some upside in the session on Tuesday in anticipation of the U.S. lawmakers agreeing on the deal. Another decent push to the north is still being observed at the time of writing on Wednesday. A double positive for U.S. stocks; receiving a nice boost from all the FOMC quantitative easing and now this government fiscal stimulus.