While testifying before the United States Senate Committee on Banking, Housing and Urban Affairs on Tuesday, the United States Secretary of the Treasury, Steven Mnuchin, said he hopes to review the bipartisan aid proposal for COVID-19.
At the beginning of the week, a group of U.S. senators from both parties proposed a $ 908 billion relief bill that includes direct payments to state and local governments. In addition, the senators requested an additional $ 228 billion fund under the Paycheck Protection Program for hotels, restaurants and other small businesses.
Mnuchin noted that restaurants need grants instead of loans He added that he supports legislation to help forgive the Paycheck Protection Program.
S&P 500 seems to open in negative territory
On Tuesday, the S&P 500 Index (SPX) gained more than 1% and closed at an all-time high of 3,678 points. However, market sentiment appears to have turned cautious on Wednesday and S&P 500 futures are down 0.33% on the day, suggesting that the SPX will start the day negative.
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