US Senate passes more than $100 billion to confront the growing coronavirus

The US Senate on Wednesday passed legislation providing more than $100 billion to confront the growing coronavirus outbreak by financing free testing for the virus, expanded paid sick leave, additional food aid and other urgently needed steps, Reuters News reported:

The bill, passed by a vote of 90-8, now goes to President Donald Trump for signing into law, after the House of Representatives passed the measure early last Saturday. Congress and the White House are now discussing additional, far bigger economic stimulus legislation.

Key notes

• First coronavirus economic stimulus bill gets enough support in US senate for passage; voting continues.
• US Senate passes, sends to Trump bill helping families cope with coronavirus.

Market implications

US stocks plunged after triggering circuit-breakers that temporarily halted trading. The Dow Jones Industrial Average fell another 10% and has now erased all of its gains since President Donald Trump’s inauguration on January 2017. While supporting individuals is key, small businesses are also require support as they are the backbone to the economy; the government’s commitment to them could help to stabilise the markets which have been in free fall again midweek.