Stocks – Wall Street off Lows as Lawmakers Reportedly Near Stimulus Deal

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By Yasin Ebrahim – Wall Street moved off its session lows on Monday, amid growing hopes that U.S. lawmakers are set to back a nearly-$2-trillion stimulus package to combat the Covid-19 pandemic, which has killed more than 15,000 worldwide.

The fell 1.87%, the lost 1.66% and the added 0.1%.

Senate Minority Leader Chuck Schumer reportedly suggested U.S. lawmakers were close to ironing out their differences and agreeing on a stimulus package to support economy.

The vote the package is slated for 1:30 PM ET (17:30 GMT), according to media reports.

The growing hope over the passage of the bill comes a day after Democrats had blocked the bid, claiming that it did more to help big businesses that ordinary Americans.

The demand for fiscal stimulus comes as the Federal Reserve continues to play its role to keep markets running smoothly, with the central bank rolling out a serious of measures to prop up credit markets to keep companies afloat as several states enter lockdown.

The announcement comes just days after the Fed said it would expand its asset purchases program beyond Treasuries and mortgage-backed securities to include municipal bonds to avert a liquidity squeeze.

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