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U.S. Senate Majority Leader Mitch McConnell (R-KY) walks to the Senate floor on Capitol Hill on December 20, 2020 in Washington, DC. Republicans and Democrats in the Senate finally came to an agreement on the coronavirus relief bill on Sunday.
Photo: Tasos Katopodis (Getty Images)
Congressional leaders have reached a bipartisan deal on an almost $1 trillion covid-19 economic relief package Sunday afternoon that would establish a temporary $300 per week bump in unemployment benefits and send $600 stimulus checks to most Americans, the Associated Press reports.
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Senate Majority Leader Mitch McConnell, Republican of Kentucky, and Senate Minority Leader Chuck Schumer, Democrat of New York, announced the deal on the Senate floor just days before Christmas.
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Dow futures fall 350 points, pressured by worries over a new viral Covid strain in the U.K. CNBC 12/20/2020
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Stock futures traded deep in the red early Monday as enthusiasm over a coronavirus stimulus deal was overwhelmed by worries over a viral new Covid strain in the U.K.
Futures on the Dow Jones Industrial Average lost 320 points, or 1.1%. S&P 500 futures shed 1.4% and Nasdaq 100 futures fell 1.0%. Dow futures were off by more than 600 points at one point.
Now with a stimulus agreed upon, investors may also be seeking to lock in profits after an unexpected banner year. With only two trading weeks left in 2020, the S&P 500 is up 14.8% for the year, while the 30-stock Dow has risen 5.8%. The Nasdaq Composite has rallied 42.2% this year as investors favored high-growth technology companies.