Below is an extract of a post published on Metro titled "US stocks fall again as Donald Trump’s coronavirus economic rescue package is blocked"
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Make america great again.- Donald Trump.
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Via: Metro
Donald Trump faced further economic chaos on Monday morning after US markets responded to the Senate blocking his planned economic rescue package (Pictures: AP) US stocks plunged again on Monday morning hours after Donald Trump’s stimulus package aimed at rescuing the US economy from the coronavirus crisis was blocked. The Dow Jones industrial index of America’s 30 largest publicly-listed companies fell by 416 points to 18,756 points on Monday morning, equivalent to 2.17% of its total value. It closed at 19,713 points on Friday evening. The larger Standard and Poor’s index of 500 companies fell 24 points to 2,280 points as it opened Monday, although the separate Nasdaq index opened up almost 11 points – equivalent to almost 1% of its total value. Economics analysts say those falls would have been far sharper had America’s central bank, the Federal Reserve, not began printing extra money in a bid to stave off a possible economic depression. The Dow Jones – seen as a bellwether of the nation’s economic health – has now shed a third of its total value, and plunged from an all-time high of 29,551 points on February 12, before Covid-19 began wreaking havoc on US shores. Monday’s market turmoil came after the upper house of the US Congress – the Senate – voted against Trump’s proposed rescue plan on Sunday night, with senators deadlocked on a 47-47 vote split for and against. Sunday’s bill is a ‘shell’ that would be used as a placeholder into which the White House’s final $1trillion stimulus package can be inserted when it is completed. Democratic senators who voted against it said the current proposals are badly-flawed, and ‘walk back’ earlier promises from Republicans on issues such as providing unemployment insurance to the millions of Americans set to lose their jobs as a result of the crisis. So far, almost 35,500 people in the US have tested positive for coronavirus, with 473 people killed by Covid-19. Fears are growing that the death toll will spiral in coming weeks as America’s hospitals begin to buckle under the strain and run out of ventilators used to save coronavirus sufferers from potentially-deadly pneumonia caused by the virus. The Senate has a 52-47 Republican majority, but five of those Republican senators were absent, with one, Rand Paul, testing positive for coronavirus. Kentucky Senator Paul’s test result meant fellow Republican Senators Mitt Romney and Mike Lee decided to self-quarantine and miss the vote. Two other Republican senators – Cory Gardner and Rick Scott – announced plans to self-quarantine as a precaution prior to Paul’s positive test result. Developing story, check back for updates.
