Stock markets in the United States reached record highs following President Donald Trump’s move to sign the COVID-19 relief bill on Sunday (December 27).
As Fox Business reports, a myriad of businesses saw a surge in sales, perhaps as a result of Trump’s signing a $900 billion aid package that would include direct payment of up to $600 to most Americans as well as an additional $300 per week via unemployment benefits and funding through the Paycheck Program.
Holiday sales for MasterCard rose by 3% year-over-year as a result of a 49% increase in online spending, the Dow Jones Industrial Average saw a 170-point growth and financials like J.P. Morgan and Bank of America also grew with 1.04% and 0.82%, respectively.
U.S. air carriers, among the sectors expected to benefit from the relief package, also saw an increase and were among the stocks’ best performers following Trump’s approval of the bill.
Trump initially threatened to veto the bill, citing “wasteful spending,” and demanded that Congress bump the payment from $600 to $2,000.
The latter demand to increase the amount of the package is expected to be voted on by the House of Representatives, though it will take at least a week from now before the Internal Revenue Service starts distributing the money.
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