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Wall Street falls 3% after trip in the Senate to aid package due to coronavirus – .

Stock prices registered a volatile day this Monday with large rises and falls marked by a vote in the Senate that tripped a millionaire package of aid due to the coronavirus and that diluted the temporary positive effect that the Federal Reserve (Fed) had with new relief measures for the financial system.

The Dow Jones had a roller coaster day and fell as much as 5% during the session. They recovered around noon but after the result of the aforementioned vote they again accentuated their fall to close with a loss of 3% and stand at 18,591 points, their lowest level since November 2016.

The Dow was mainly weighed down by United Technologies (-9.2%), Chevron, McDonald’s (-7.67%) (-8.8%), Visa (-7.55%), American Express (-6.96%), Merck (- 6.95%) and Nike (-6.89%) although it offset the strong rise of Boeing (11.7%) and Intel (8.18%)

The shares that make up the S&P 500 fell 2.93% although they came to slide as much as 4% after the Senate vote. This crash occurred despite a boost after the Fed announced its actions. Monday’s announcement is part of the Fed’s ongoing efforts to support the flow of credit through an economy devastated by the coronavirus outbreak.

The United States Federal Reserve will lend up to $ 300 billion to local governments, corporations and small businesses and will buy more Treasuries, in order to prop up the economy burdened by the effects of the coronavirus pandemic.

The US central bank announced that it will create three new credit agencies that will lend up to $ 300 billion through the purchase of corporate bonds, municipal bonds and stocks.

You will also purchase an unlimited number of Treasury bonds and mortgage instruments in order to keep interest rates low and to ensure that those markets function fully.

Previously, the Reserve had set a limit of $ 700,000 million for its asset purchases indicating that it would acquire $ 500,000 million in Treasury bonds and $ 200,000 million in mortgage securities.

Investor Bespoke’s analyst said that while the Fed’s actions are “extremely helpful,” the only way for markets to move at a “sustainable” pace is when the economy “comes back to life” or there is a “way to go.” real “of how it’s going to happen.

In addition, all eyes were on the United States legislative chambers, where Democrats and Republicans negotiated the bailout plan that included fiscal relief measures “for workers and for the American economy,” according to Mnuchin.

This Monday, for the second time in 24 hours, the US Senate rejected the passage of a fiscal stimulus bill after Democrats said that “it is not enough” to help workers while and that in comparison it offered “too much” for the big companies.

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