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US Treasury Secretary Mnuchin says made a little bit of progress after talks with congressional democrats, still have a lot of work to do

  • Says open to larger coronavirus relief package if we can reach an agreement.

Meanwhile, the White House Chief of Staff Mark Meadows says it’s ‘not even a valid question’ whether republicans would support coronavirus relief package over $1 trillion

Market implications

  • McConnel: Democrats are refusing to budge

Republicans are griping that House Speaker Nancy Pelosi won’t drop her expansive wish list.

Both the Trump administration negotiating team and top Capitol Hill Democrats remain far apart.

At this stage, several more days of talks are going to be needed but it would appear the market has this factored in now as the delays are doing little to hinder progress on Wall Street. 

The S&P 500 index is up 0.8% at the time of writing after printing fresh recovery highs on its road towards closing the gap: