A stimulus package ready to be approved by the Congress is worth nearly $500 billion
As the government is expected to accept the package, Wall Street shares grew during Wednesday.
A nearly $500 billion stimulus package should support mainly small and medium-sized business facing problems due to coronavirus. The package has been passed by the Senate, and the House of Representatives should decide about it on Thursday.
Dow Jones index grew in 2%, S&P 500 index added 2,3% and tech Nasdaq index rose in almost 3%. Yet, the key S&P 500 still appears roughly 17% below its February record-high value.
According to analysts, the upcoming result season will be interesting to watch as companies will publish their quarterly financial results. Their reports will tell more about coronavirus pandemic effects and stability of each company. Even so, some companies may perceive the current pandemic rather positive – e.g. companies in pharma sector or businesses providing online technologies.