Stock futures jump higher as deal reached on coronavirus stimulus

Stock futures turned positive and continued to move higher, as White House and Senate leaders struck an agreement late Tuesday on a sweeping deal on injecting nearly $2 trillion of aid into an economy ravaged by the coronavirus.
Dow futures are indicating a gain of 2.6 percent, or more than 500 Dow points, when Wall Street opens for business on Wednesday.
The unprecedented economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.
The final details had proved nettlesome. One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines. Hospitals would get significant help as well.
A vote in the Senate could come Wednesday.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	20704.91	+2,112.98	+11.37%
SP500	S&P 500	2447.33	+209.93	+9.38%
I:COMP	NASDAQ COMPOSITE INDEX	7417.857035	+557.18	+8.12%

On Tuesday, the Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal. The Dow adding 11.4 percent, rising 2,112.98 points, its biggest point gain in history. The S&P 500 index leaped 9.4 percent.
In Asia, Japan's Nikkei jumped 8 percent, Hong Kong's Hang Seng added 3.8 percent and China's Shanghai Composite gained 2.2 percent.
Tokyo share prices were boosted by the decision to postpone the 2020 Olympics to July 2021 in view of the coronavirus pandemic.
In Europe, London's FTSE added 2.7 percent, Germany's DAX gained 3.7 percent and France's CAC rose 2.9 percent.
Economists and investors expect to see some dire measures of the impact of the virus in coming days and weeks, and few believe markets have hit bottom. Rallies nearly as big as this have punctuated the last few weeks, and none lasted more than a day.
The Associated Press contributed to this article.

Surgeon General says US has 'turned the corner' on coronavirus testing

U.S. Surgeon General Dr. Jerome Adams told "Hannity" Tuesday the country has "turned the corner" on coronavirus testing and will start to collect necessary information about the trajectory of the virus as more tests become available to the public.
"There is in fact good news," Adams said. "We turned the corner on testing, we have now done more testing in the last eight days than [South] Korea has done in eight weeks. That will give us ... better information."

"We turned the corner on testing. We have now done more testing in the last eight days than Korea has done in eight weeks.
— Dr. Jerome Adams, 'Hannity'

Adams said the decreasing number of cases in China and Italy prove the effectiveness of social distancing and echoed President Trump in expressing the hope that coronavirus restrictions could be scaled back "sooner than we thought."
"We see China is now starting to reopen," he said. "We see cases in Italy ... that gives us hope that if we lean into these mitigation efforts for the next several days, the way the president has said, that we can be reopening again sooner than what we thought."
Adams emphasized that different areas throughout the country will respond in accordance with their outbreak status, and predicted that the next several weeks will be rough for New York City, which has become the epicenter of the outbreak in the United States.
"We will continue to see cases go up, unfortunately, likely for the next several weeks, but that's why we are sending a team to New York City," Adams said. "That's why we have a Navy [hospital] ship on the way to provide relief. They got 4,000 ventilators today. We are going to go all in to protect and help the health care workers and the people of New York City."
"But in Idaho, they are in a different situation," Adams added. "So, we want to use the data, the information to make informed decisions about what people should be doing in different parts of the country."
When asked to comment on the anti-malarial drugs touted by President Trump as a potential treatment for coronavirus patients, Adams said he is still waiting on more data before making a formal recommendation, but remains hopeful.
"It is one of those things where people don't understand that you can both have hope, but still as a scientist or physician want to verify," he explained.
"We are hopeful that these medications will work, we have heard some powerful anecdotal stories, but we want to make sure we are tracking what we are seeing right now. In New York City, doctors are prescribing [hydroxychloroquine] off-label because at the end of the day, if your loved one is dying, you want to be given the right to try whatever is possible."
Adams admitted that if he or a family member was given the option to take hydroxychloroquine or chloroquine on an experimental basis, he would "try anything that I could to help keep them alive."
"That's what we want to get," he concluded, "is that opportunity to keep everyone's loved ones alive."

WH, Senate agree on massive stimulus, but House GOP defector Amash blasts 'raw deal,' signaling trouble

White House and Senate leaders reached a historic deal shortly after midnight Wednesday on a massive $2 trillion coronavirus relief package for workers and businesses, although support in the House of Representatives remained uncertain as one member openly criticized the plan.
The bipartisan breakthrough in the Senate capped days of heated negotiations that had nearly been derailed by last-minute demands from House Democrats.
“Ladies and gentleman, we are done," White House legislative affairs director Eric Ueland announced as he left the office of Senate Majority Leader Mitch McConnell, R-Ky., near midnight. "We have a deal."
Ueland told reporters that "much of the work on bill text has been completed, and I’m hopeful over the next few hours we’ll finish what's left and we will circulate it early in the morning.”
Senate Minority Leader Chuck Schumer, D-N.Y., said the bill amounts to “unemployment compensation on steroids," and that every American who is laid off will have their missed salary remunerated. That provision will enable companies to stay afloat and immediately bring back those employees when things are safe‬, Schumer said.
The unprecedented economic rescue package would give direct payments to most Americans, expand unemployment benefits and provide a $367 billion program for small businesses to keep making payroll while workers are forced to stay home.

Senate Majority Leader Mitch McConnell of Ky. walks to the Senate chamber on Capitol Hill in Washington, Tuesday, March 24, 2020. (AP Photo/Patrick Semansky)

One of the last issues to close concerned $500 billion for guaranteed, subsidized loans to larger industries, including a fight over how generous to be with the airlines, given that Democrats wanted them to abide by new carbon emissions restrictions. Hospitals would get significant help as well.
In a letter to his colleagues, Schumer remarked, “Democrats are ready to give our unanimous consent to speed up the consideration of the bill and get the job done.“ That means that if there are no objections from Republicans, the Senate could clear the bill without a formal roll call vote. Parliamentarily, that is the fastest way to move something on the floor.
A senior GOP source told Fox News contributor and Townhall.com editor Guy Benson that the move was a face-saving exercise by Schumer, and that he was trying to "take credit" for a GOP bill that he filibustered for "small ball" alterations. Democrats, the source said, couldn't drag the situation out much longer; economic conditions have worsened dramatically, and President Trump's approval rating has risen.
McConnell said the Senate will meet at noon on Wednesday, but did not set a time for a vote. By rule, the procedural vote to begin debate on the coronavirus package would happen at 1 p.m. ET, unless the Senate scraps that vote‬.
“Democrats are finally taking ‘yes’ for an answer," McConnell said in his remarks on the Senate floor early Wednesday morning. "Help is on the way.”
“After days of intense discussions, the Senate has reached a bipartisan agreement on a historic relief package for this pandemic,” he continued. “It will rush new resources onto the front lines of our nation's health care fight. And it will inject trillions of dollars of cash into the economy as fast as possible to help Americans workers, families, small businesses and industries make it through this disruption and emerge on the other side ready to soar."
Treasury Secretary Steven Mnuchin, who was smiling after McConnell left the floor, told reporters: "This is a very important bipartisan piece of legislation that is going to be very important to help American workers, American business and people across America. So, we couldn't be more pleased. I've spoken to the president, many times today, and he's very pleased with this legislation, and the impact that this is going to have."
Concerning the House, Mnuchin remarked, "I can't speak for the Speaker. I hope she takes it up and she passes as-is. We need, we need this to get working for the American people. And, again, there are a lot of compromises. It's terrific bill, and it was a great accomplishment on everyone."
Michigan independent Rep. Justin Amash, who recently left the Republican Party, signaled that he might essentially delay consideration of the bill in the House. The lower chamber may seek to pass the legislation via unanimous consent because many members are not in Washington -- but a single member can ruin that plan.

Treasury Secretary Steven Mnuchin, left, accompanied by White House Legislative Affairs Director Eric Ueland and acting White House chief of staff Mark Meadows, speaks with reporters as he walks to the offices of Senate Majority Leader Mitch McConnell of Ky. on Capitol Hill in Washington, Tuesday, March 24, 2020. (AP Photo/Patrick Semansky)

The House used unanimous consent during the 1918 flu pandemic as well.
"This bipartisan deal is a raw deal for the people," Amash tweeted. "It does far too little for those who need the most help, while providing hundreds of billions in corporate welfare, massively growing government, inhibiting economic adaptation, and widening the gap between the rich and the poor."
The deal came hours after President Trump's top economic adviser said an unprecedented $6 trillion stimulus plan was imminent, including $4 trillion in liquidity from the Federal Reserve and $2 trillion in new money from Congress.
Tensions then abruptly ratcheted back up again on Capitol Hill Tuesday night -- with Republican Sens. Lindsey Graham and Steve Daines taking to the Senate floor and calling for an end to negotiations because, as Graham put it, Democrats were "nickel-and-diming at a time when people are dying -- literally dying."
Graham and Daines' late-night push for an immediate vote on a stimulus bill came after tensions seemingly had cooled in Congress during the day, sending the Dow Jones Industrial Average to its highest point gain in its history as leaders from both parties signaled that an agreement could be within reach.
Shares advanced in Asia on Wednesday after the Dow Jones Industrial Average surged to its best day since 1933 as Congress and the White House neared a deal. Japan's Nikkei 225 index jumped 5.3 percent, while Hong Kong added 3 percent and Sydney climbed 3.6 percent. Markets across Asia were all up more than 2 percent.

"Ladies and gentleman, we are done. We have a deal."
— White House legislative affairs director Eric Ueland

But, the Republicans said late Tuesday, Democrats were still seeking new payouts that were delaying a vote on a final bill.
"In case you're watching," Graham said in reference to the president, his voice rising, "tell [Treasury Secretary] Steven Mnuchin to come back to the White House and end negotiations. I think I understand the give-and-take of life and politics, but I've been called by two good friends on the Democratic side in the last five or six hours wanting more money. End the negotiations."
He added: "This bill is $2 trillion. There's a ton of money in this bill for people who need it, but what we're doing now is, every special-interest group in town is trying to get a little bit more."
“Listen, we were told we are at the one-yard line last night to get this done," Daines, who led the colloquy with Graham, said from the Senate floor. "All I’ve got to say is, the Senate may think it’s at the one-yard line right now, but Montanans are getting sacked. In fact, our unemployment claims in Montana since march 17th, we just looked it up 15 minutes ago, 14,350 Montanans have filed for unemployment in the last week.”
Shortly before Graham and Daines spoke, Trump declared at a coronovirus task force briefing that the country was nearing "the end of our historic battle" with "the invisible enemy" of coronavirus. Trump's approval numbers hit their highest point ever this week, with 60 percent of Americans approving of his coronavirus response efforts.
The president also sounded an unexpectedly magnanimous note: "I also want to thank Congress, because whether or not we're happy that they haven't quite gotten there yet, they have been working long hours. I'm talking Republicans and Democrats, all of them, the House, the Senate. I want to thank Congress because they are really trying to get there, and I think they will."
Then, Director of the U.S. National Economic Council Larry Kudlow specifically said the new coronavirus bill working its way through congressional gridlock would total $6 trillion: $4 trillion in liquidity from the Federal Reserve and $2 trillion in new money. Typical annual appropriations from Congress in a given fiscal year are around $1.2-4 trillion, with total expenditures roughly $4.3 trillion.
“This package will be the single largest Main Street assistance program in the history of the United States,” Kudlow said, adding that negotiations would continue into the evening but that a vote was imminent.
Meanwhile, there was some good news inside the White House grounds. As the briefing concluded, White House press Secretary Stephanie Grisham, who has been quarantined since coming in contact with Brazilian officials almost two weeks ago and working from home, revealed she has received negative COVID-19 test results and will be back to work Wednesday.
Grisham will return as the Trump administration increasingly has sought to project optimism. The president, who tweeted Sunday that "WE CANNOT LET THE CURE BE WORSE THAN THE PROBLEM ITSELF," declared at the Fox News virtual town hall that he "would love to have the country opened up and just raring to go by Easter."

Treasury Secretary Steven Mnuchin, center, on his way to the offices of Senate Majority Leader Mitch McConnell on Monday. (AP Photo/Andrew Harnik)

Pressed by Fox News' John Roberts on the timeline, Trump said at the briefing: "We'll be looking at a lot of things -- we'll also be looking at very large portions of our country, but I'll be guided very much by Dr. [Anthony] Fauci, and by Deborah [Birx]."
Fauci, the longtime head of the National Institute of Allergy and Infectious Diseases, whose absence from recent coronavirus briefings triggered a wave of speculation in the media, said the timeline was still "flexible."
Democrats have reacted furiously to Trump's new timeline for relaxing economic restrictions, with Hillary Clinton suggesting people would "needlessly die," and Joe Biden accusing Trump of spreading "misinformation."
"This a--hole and his rich friends are too stupid to get that we can only get through this together," former Obama speechwriter Jon Favreau wrote. "Everyone is at risk from the virus. Everyone suffers when there aren’t enough hospital beds. Everyone struggles when millions are too sick to work."
Fellow Obama communications alum Tommy Vietor, meanwhile, deleted a tweet lamenting that he was reduced to drinking red wine in the shower during the economic shutdown.
Fox News' Chad Pergram, Caroline McKee, and John Roberts, as well as The Associated Press, contributed to this report.

Chuck Schumer Cartoons

Fox News hosting virtual coronavirus town hall with President Trump, White House task force

Fox News Channel is hosting a two-hour virtual town hall with President Trump and members of the White House coronavirus task force on Tuesday, March 24, at 12 p.m. ET.
The president and his team will be answering text and video questions you submit to Fox News' Twitter, Facebook and Instagram accounts, as well as email submissions for the special live event at live-blog@foxnews.com.
Anchors Harris Faulkner and Bill Hemmer will co-moderate the event, and will be joined by Dr. Mehmet Oz and Fox News contributors Dr. Nicole Saphier and Dr. Marc Siegel.
Part One of the town hall will feature Faulkner and Hemmer interviewing members of the coronavirus task force about the latest developments from the pandemic.
They will explain how the White House is handling the growing crisis before President Trump joins the forum at roughly 12:30 p.m. ET to answer questions from Fox News viewers across the country.
Fox Corporation announced last week that unlimited free access to Fox News Channel and FOX Television Stations is available during the pandemic so all Americans can access the latest news and information.
Fox News is available for free on FoxNews.com, the Fox News app, FOX.com and the FOX NOW app. FOX’s 29 owned-and-operated television stations will be available for free on FOX.com and the FOX NOW app.
Faulkner has been holding special Q&A segments related to the coronavirus on a regular basis during “Outnumbered Overtime,” often speaking with the nation’s top medical experts.
Hemmer has also been a leading journalist during the coronavirus crisis, explaining the impact of the pandemic with easily digestible facts. Hemmer also anchors a nightly three-minute live coronavirus report weekdays at 6 p.m. ET on local FOX affiliates.
Fox News recently celebrated its 18th consecutive year as the most-watched cable news network, dating back to January 2002. FNC’s 18-year streak is for both primetime and total-day viewers, including the key demographic of adults age 25-54.

Stock futures gain ground as Congress moves closer to a stimulus deal

U.S. equity futures are pointing to a higher open when Wall Street begins trading on Tuesday as congressional and White House officials emerged from grueling negotiations at the Capitol over the $2 trillion coronavirus rescue package saying they expected to reach a deal Tuesday.
This comes after the Federal Reserve promised support to the struggling economy.
The major futures indexes are indicating a gain of more than 4 percent or around 700 Dow points.
The Fed promised to buy as many Treasurys and other assets as needed to keep financial markets functioning.
That came as Wall Street fell 3 percent after Congress failed to approve an economic support package. It would send checks to U.S. households and offer support for small businesses and the hard-hit travel industry, but Democrats say it favors companies too heavily at the expense of workers and public health.
In Asia, Japan's Nikkei rose 7 percent, the Hang Seng in Hong Kong was 4.4 percent higher and China's Shanghai Composite rose 2.3 percent.
In Europe, London's FTSE added 2.9 percent, Germany's DAX rose 4.4 percent and France's CAC was 3.3 percent higher.
The Fed's promise goes beyond the $700 billion in purchases announced last week.
The central bank said it will buy a wide range of investments, including corporate bonds for the first time, to improve trading in markets that help home buyers purchase houses, state and local governments borrow and businesses to get enough short-term cash to make payroll.

Treasury Secretary Steven Mnuchin, third from left, and White House Legislative Affairs Director Eric Ueland, left, walk to a meeting with Senate Minority Leader Sen. Chuck Schumer of N.Y. in his office on Capitol Hill, Monday, March 23, 2020, in Was

As Congress was locked in stalemate, the number of known infections worldwide jumped past 380,000. After just a few weeks, the United States has more than 46,000 cases and more than 600 deaths.
Also Monday, trading on the New York Stock Exchange went all-electronic for the first time after the trading floor was temporarily closed as a precaution. The exchange announced the move last week after two employees tested positive for the virus. The number of floor traders had dwindled sharply in recent years as more trading become electronic.
Wall Street and some other stock markets have lost nearly one-third of their value over the past month as business shutdowns spread and airlines, retailers and other industries suffer rising losses.
Economists increasingly say a recession seems inevitable. Analysts are slashing their forecasts for upcoming corporate profits. Forecasters say they cannot project how deep the downturn might be or how long it will last.
Professional traders say investors need to see a decline in numbers of new infections before markets can find a bottom.
Congress debated through the weekend on the rescue plan, but White House officials and congressional leaders are struggling to finalize it. Democrats blocked a vote to advance the package Monday. They want to steer more of the assistance to public health and workers.
Even if the two sides find a compromise, Congress may need to go through more rounds of similar negotiations if the outbreak isn't brought under control.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	18591.93	-582.05	-3.04%
SP500	S&P 500	2237.4	-67.52	-2.93%
I:COMP	NASDAQ COMPOSITE INDEX	6860.673526	-18.84	-0.27%

On Wall Street, the benchmark S&P 500 fell 2.9 percent in another day of sudden swings. It was down as much as 4.9 percent and as little as 0.2 percent earlier in the day.
The Dow Jones Industrial Average fell 3 percent. The Nasdaq, which is dominated by technology companies, lost only 0.3 percent as tech shares held up better than the rest of the market.
In energy markets, benchmark U.S. crude gained $1.06 to $24.43 per barrel in electronic trading on the New York Mercantile Exchange. The contract lost $2.59 the previous session to close at $22.63. Brent crude, used to price international oils, added 84 cents to $27.91 per barrel in London. It lost $1.49 the previous session to $26.98.
The Associated Press contributed to this article.

Tucker on coronavirus relief standoff: 'Democrats remain intent on splitting the country into warring tribes'

Tucker Carlson called on Democrats in Congress Monday to put aside their "stupid partisan points" and stop "indulging their creepy ideological obsessions" to focus on getting a coronavirus relief bill passed.
"Americans worry they can die of this disease and someone they love could die if they lose their jobs and could be crippled permanently in the wake of this disaster. It's a terrifying moment," Carlson said. "In that moment, we need wisdom and steady guidance from our leaders. We need altruism, [they] need to care more about you than they care about themselves ... but in Congress, they don't."
"The foremost concern of some members is saving their own investment portfolios or making stupid partisan points or indulging their creepy ideological obsessions," Carlson went on. "Wonder why Congress hasn't yet passed a bill to help the country survive this? That's why."
Lawmakers clashed on the Senate floor Monday over phase three of a coronavirus response package, with Democrats blocking Republican efforts to advance the massive stimulus bill for the second day in a row.

"At a time when America so desperately needs to come together, Democrats remain intent on splitting this country into warring tribes."
— Tucker Carlson

House Speaker Nancy Pelosi, D-Calif., introduced her own emergency coronavirus stimulus bill on Monday, leading furious Republicans to argue that much of the proposal contained a progressive wishlist seemingly unrelated to the crisis.
"Read it and you will find disgusting little handouts added by lobbyists," Carlson said. "Worse, it is suffused with the cruel bigotry of identity politics. At a time when America so desperately needs to come together, Democrats remain intent on splitting this country into warring tribes. It’s shocking."
The bill proposed by Pelosi includes provisions to eliminate debt held by the U.S. Postal Service, require same-day voter registration, pay off $10,000 in student debt per person, mandate that airlines reduce their overall carbon emissions by 50 percent by 2050, and force federal agencies to explain to Congress how they are increasing their usage of "minority banks."
And, Carlson noted, the legislation is filled with "totally unrelated political priorities" would provide for the automatic extension of nonimmigrant visas and restrict colleges from providing authorities information about citizenship status.
"So we are staring down the barrel of the most profound employment crisis of our lifetime -- that’s not an exaggeration -- and what are Democrats doing?" asked Carlson. "Trying to automatically renew visas and work permits for all immigrants because their jobs are very important, way more important than yours. Democrats want to make certain that people who are replacing you are secure and happy,
PELOSI STIMULUS BILL INCLUDES RETURN OF 'OBAMAPHONES'
"The whole thing defies belief and that's not a partisan observation."
Carlson further criticized a provision in Pelosi's bill that would require every corporation that received coronavirus aid to have officers and a budget dedicated to diversity and inclusion initiatives for a minimum of five years.
"Because that's going to keep America healthy and prosperous," he mocked.
"In all, this [House] bill uses the word 'diverse' or 'diversity' more than 60 times," Carlson went on. "What does that have to do with the pandemic that might kill you? Not one thing. Just more ugly race politics, the kind they specialize in. Democrats think that's much more important right now."
Pelosi's bill also allocates $300 million for the hiring of experts to manage coronavirus preparation and response, but "instead of looking for the most qualified people at a time of national emergency, the only criteria right now orders employees be chosen on the basis of their race and disability status," Carlson explained.
"Who cares what color your scientists are?" Carlson concluded. "This is dangerous insanity."
Fox News' Gregg Re contributed to this report.

Expect a coronavirus stimulus agreement in Senate, Schumer says

Sen. Chuck Schumer, D-N.Y., told reporters early Tuesday that he expects Republicans and Democrats in the Senate to come together and reach an agreement on the $2 trillion coronavirus stimulus package that set off a fierce debate on the Senate floor and allegations from both sides that the other was politicizing the emergency.
Despite the logjam, Schumer, the Senate minority leader, and Treasury Secretary Steven Mnuchin told reporters that there was progress made in late-night negotiations. Schumer said he expects a vote sometime on Tuesday.
PENCE URGES DEMS TO ACT ON BILL
One of the key issues in the package is the $500 billion "Exchange Stabilization Fund."  Democrats call it a "slush fund," and claim Mnuchin would have far too much influence over which industries would have access to the fund.
Mnuchin denied the claim on Fox Business, saying, "It's not a slush fund; it's a mechanism that we can use working with the Federal Reserve that will provide another $4 trillion of potential liquidity into the market. That’s on top of the Fed’s balance sheet."
A Politico reporter, citing three sources, tweeted that Mnuchin agreed to "significant oversight" for the fund in part of the negotiations.
President Trump claimed Monday that the Senate Democrats were “playing partisan politics” and should make the deal.
“I think we've made a lot of progress, Mnuchin told reporters. "Both sides have been working around the clock."
He said there are a few documents that need to be reviewed and turned around but he is hopeful they will be resolved Tuesday.
Schumer also s struck an optimistic tone.
“We expect to have an agreement tomorrow morning. There’s still a few little differences. Neither of us think they’re in any way going to get in the way of a final agreement,” he said.
At around the time Schumer and Mnuchin were leaving the Capitol, Trump re-tweeted a National Review article about last-minute "ideological demands" from Democrats that were added to the relief package. The report said these demands included the expansion of wind and solar tax credits and increased fuel emissions standards for airlines.
Trump tweeted, “This will never be approved by me or any other Republican!”