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Market Rallies Following Senate Passage of the CARES Act

Stocks on Track for 3 Day Winning Streak

Following last night’s passage of Phase Three of the federal stimulus package by the U.S. Senate, the stock market continued its 3 day rally Thursday morning. Currently, the market continues on pace for one of its best weeks since 1938.

This current rally can be traced directly to the leadership of President Trump and the unprecedented action he has taken to work with Congress to blunt the effects of the coronavirus outbreak on the economy.

  • President Trump declared a national emergency, inviting states, territories, and tribes to access over $42 billion in existing funding.
  • Trump signed legislation securing $8.3 billion for coronavirus response.
  • Trump signed the Families First Coronavirus Response Act, ensuring that American families and businesses impacted by the virus receive the strong support they need.
  • The Small Business Administration has announced disaster loans that provide impacted businesses with up to $2 million.
  • SBA relaxed criteria for disaster assistance loans – expanding small businesses’ access to economic assistance.
  • The president directed the Energy Department to purchase large quantities of crude oil for the strategic reserve.
  • The Treasury Department approved the establishment of the Money Market Mutual Fund Liquidity Facility to provide liquidity to the financial system.
  • The administration negotiated legislation that will provide tax credits for eligible businesses that give paid leave to Americans affected by the virus.
  • The administration took action to provide more flexibility in unemployment insurance programs for workers impacted by the coronavirus.
  • The Treasury Department moved Tax Day from April 15 to July 15.
  • The administration is halting foreclosures and evictions for families with FHA-insured mortgages.
  • The Department of Labor announced up to $100 million in dislocated worker grants in response to the coronavirus national health emergency.
  • The Department of Education set interest rates on all federally held student loans to 0% for at least 60 days.
  • The Department of Education announced borrowers will have the option to suspend their payments on federally held student loans for at least two months.

“The market is showing its confidence in President Trump’s leadership because he has taken aggressive action to curb the effects of this outbreak, and he continues to forge a path forward.” said Laura Cox, Michigan Republican Party Chairman. Cox continued, “As we work through this unprecedented time, there will continue to be fluctuations in the markets, but it is reassuring that the financial sector has confidence in the president and his stimulus plan.”