<ul class="summary-list"><li>The $1.9 trillion <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> package now includes the Student Loan Tax Relief Act.</li><li>The bill would end the current <keyword id="28351" type="ORGANIZATION" weightage="60" keywordseo="policy">policy</keyword> that taxes certain forms of student-loan forgiveness.</li><li>About $2,200 in taxes would be saved for every $10,000 of forgiven student-loan debt.</li></ul><a href="https://www.menendez.senate.gov/newsroom/press/menendez-warren-bill-to-make-student-loan-relief-tax-free-passes-as-part-of-covid-relief-package-clearing-hurdle-for-broad-loan-forgiveness#:~:text=The%20student%20loan%20tax%20relief,including%20private%20and%20institutional%20loans.">The Student Loan Tax Relief Act</a>, introduced on March 1 by Sens. Elizabeth Warren and Bob Menendez, is a part of the <a href="https://www.businessinsider.com/stimulus-senate-approves-19-trillion-stimulus-package-sends-to-house-2021-3">$1.9 trillion stimulus package</a>. The legislation would end the current policy that taxes student loans forgiven by the government. For example, if the government forgave $10,000 for a borrower who earns $50,000, that person would be spared about $2,200 in taxes levied against that payment, <a href="https://www.menendez.senate.gov/newsroom/press/menendez-warren-bill-to-make-student-loan-relief-tax-free-passes-as-part-of-covid-relief-package-clearing-hurdle-for-broad-loan-forgiveness#:~:text=The%20student%20loan%20tax%20relief,including%20private%20and%20institutional%20loans.">according to the senators</a>. Under the current policy, that $10,000 is considered taxable income. If the bill passes, it could be the most substantial step taken to relieve student debt in the US, <a href="https://www.businessinsider.com/economic-benefits-of-student-debt-forgiveness-2020-12">which totals more than $1.6 trillion</a>.The new legislation would affect loans "modified or discharged" between December 31, 2020, and January 1, 2025, and include both private and institutional loans, according to a press release from <a href="https://www.menendez.senate.gov/newsroom/press/menendez-warren-bill-to-make-student-loan-relief-tax-free-passes-as-part-of-covid-relief-package-clearing-hurdle-for-broad-loan-forgiveness#:~:text=The%20student%20loan%20tax%20relief,including%20private%20and%20institutional%20loans.">Menendez</a>.The senators said the Student Loan Forgiveness Act "paves the way for President Biden to cancel at least $50,000 in federal student loan debt." Biden recently <a href="https://www.businessinsider.com/economic-benefits-of-student-debt-forgiveness-2020-12">rejected committing to forgiving $50,000</a> in student loan debt for borrowers but said he would support forgiving up to $10,000 of borrowers' student-loan debt.Ashley Harrington, the federal advocacy director and senior counsel at the Center for Responsible Lending, said in a press release that the bill "especially benefits low-income borrowers and borrowers of color who are disproportionately burdened by student debt and the negative impacts of the current health and economic crisis." Harrington also called on Biden to "turn toward providing across-the-board student debt cancellation of $50K per borrower."<a href="https://www.businessinsider.com/stimulus-senate-approves-19-trillion-stimulus-package-sends-to-house-2021-3">The Senate approved the $1.9 trillion COVID-19 relief package</a> last weekend, and it's now on its way to the House for a vote. It includes a onetime $1,400 stimulus payment for taxpayers who qualify, $300 weekly unemployment assistance through early September, aid to fund vaccine distribution and testing, and aid to local governments to help combat the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword>. The largest provisions in the bill would affect businesses, schools, and <keyword id="35448" type="ORGANIZATION" weightage="60" keywordseo="personal-finance">personal finance</keyword>. Cut from the package was a proposal to raise the federal minimum wage to $15 an hour.Democrats are hoping to finalize the bill and have it sent to Biden to sign it into law by March 14.

The COVID-19 relief package includes a hidden benefit for student-loan borrowers that could save thousands in tax payments on loans that have been forgiven

<ul class="summary-list"><li>While Trump said that stimulus talks should end immediately, that doesn't mean another $1,200 check is off the table.</li><li>Both Senate Republicans and House Democrats have brought forward second stimulus plans, but none have been signed into law.</li><li>Trump's recent comments decrease the likelihood of a speedy resolution resulting in a round of $1,200 payments being sent out before the election.</li></ul>On Tuesday, President Donald Trump sent out a series of tweets instructing his team <a href="https://www.businessinsider.com/trump-ends-stimulus-negotiations-until-after-presidential-election-economic-recovery-2020-10">to cease stimulus negotiations until after the election</a>.Trump said the Senate should instead focus on confirming his Supreme Court pick, Amy Coney Barrett. Meanwhile, Americans who had been following the monthslong stimulus negotiations, hoping that a resolution would be reached before the election, could only watch as the <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> affected the stock market and questions swirled.To bring you up to speed on the latest, we've recapped what it all means for those hoping for another round of direct payments sooner rather than later — and summarized the timeline that led up to this point.<h2>What it all means for a 2nd round of $1,200 direct payments</h2>In short, the likelihood of a further delay in any new rounds of direct payments just increased.While the promise of a second check is not dead yet, the road toward a speedy resolution just took a hard left turn. Unless Trump switches to supporting a deal instead of a pause on negotiations, any timeline toward a deal that would result in direct payments has likely been extended even further.So how did we get here? For those looking to understand how this all fits into the broader events of the past seven months, here are the key developments leading up to the president's statements on Tuesday.<h3>March</h3><a href="https://www.businessinsider.com/coronavirus-economic-stimulus-senate-bill-allocations-direct-payments-business-loans-2020-3">On March 25,</a> the Senate passed the Coronavirus Aid, Relief, and Economic Security Act, which provided funds for personal protective equipment for healthcare workers, loans for small businesses, and supplemental unemployment benefits. The $1,200 stimulus checks and extra $600 a week in unemployment benefits were a result of the bill.<h3>July</h3>On July 31, the benefits lapsed without a follow-up deal, and the $600-a-week payments ended amid fierce disagreements between Republicans and Democrats. The $1,200 checks had been sent out, and recipients may have already used the funds. <h3>August </h3><a href="https://www.businessinsider.com/300-weekly-unemployment-benefits-bonus-fema-payments-state-status-2020-9">On August 8,</a> Trump allocated $44 billion to the Federal Emergency Management Agency for grants that would allow states to continue to pay out a weekly unemployment benefit if they applied for grant money. Every state besides South Dakota applied for the funds.<h3>September </h3>Negotiations around a follow-up deal continued. Both House Democrats and Republicans brought forward various plans, but they failed to reach a deal by the beginning of the month.On September 8, <a href="https://www.businessinsider.com/senate-republicans-stimulus-plan-slimmed-down-direct-payments-unemployment-states-2020-9">Republicans proposed a stimulus package</a> with a $300-a-week added unemployment benefit through December 27, though it excluded second round of direct payments. Democrats <a href="https://www.businessinsider.com/gop-stimulus-plan-senate-fails-move-ahead-vote-against-democrats-2020-9">blocked the bill</a>, saying it was insufficient.House Speaker Nancy Pelosi criticized the plan, saying, "Senate Republicans appear dead set on another bill which doesn't come close to addressing the problems and is headed nowhere."Negotiations between Pelosi and Treasury Secretary Steven Mnuchin restarted, and he later said <a href="https://www.businessinsider.com/any-stimulus-deal-will-include-direct-payments-for-americans-mnuchin-2020-9">no bill would pass without another $1,200 check included</a>.<h3>October </h3><a href="https://www.businessinsider.com/stimulus-checks-coronavirus-details-house-democrats-pelosi-mnuchin-2020-9">On October 1</a>, House Democrats passed a plan that would include another $1,200 check, and a $600-a-week added unemployment benefit through January. The plan faced an uncertain future, though, as it would still require Senate approval.This brings us to Tuesday night, when Trump said any and all stimulus talks should end immediately but that he would sign a stand-alone bill for another round of $1,200 checks.The instructions made the status of the negotiations between Pelosi and Mnuchin uncertain.

What Trump's comments about ceasing stimulus-package negotiations mean for future $1,200 payments — in one minute or less

<ul class="summary-list"><li>European and US <keyword id="6354298" type="DEFINITION" weightage="60" keywordseo="Stocks">stocks</keyword> edged lower on Friday over new COVID-19 cases in Europe.</li><li>Optimism over <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword>'s signing of the relief package seems to have come to an end, an analyst said.</li><li>France and Germany are resisting imposing lockdowns even with stubbornly high infection rates.</li></ul><hr />Global stocks dipped on Friday despite President Joe Biden <a href="https://www.businessinsider.com/stimulus-biden-signs-trillion-covid-relief-package-checks-direct-payments-2021-3">signing the $1.9 trillion stimulus package</a> into law, a day earlier than planned, as fresh concerns grew over rising COVID-19 cases in Europe. Futures on the <a href="https://markets.businessinsider.com/index/dow_jones">Dow Jones</a>, <a href="https://markets.businessinsider.com/index/s&amp;p_500_500">S&amp;P 500</a>, and <a href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq</a> fell between 0.2% and 1.4%, suggesting a lower open for US <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> later in the day."The Dow Jones's stimulus-package celebrations appear like they have come to an end," said Connor Campbell, a financial analyst at SpreadEx, after the S&amp;P 500 and Dow closed <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-indexes-biden-stimulus-tech-rally-treasury-yields-2021-3-1030175522">Thursday's session at record highs</a>. "It isn't expected to endure much of a hangover, however," he said.In his first prime-time address since moving to the White House, Biden said all adults in the US would be eligible to <a href="https://www.businessinsider.com/biden-all-adult-americans-eligible-for-vaccine-by-may-1-2021-3">receive vaccine shots by May 1</a>. The White House separately announced that the $1,400 <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> checks would be sent out <a href="https://www.businessinsider.com/americans-will-start-getting-1400-stimulus-checks-this-weekend-wh-2021-3">as early as the weekend</a>. UBS said it expects market conditions to remain volatile, with three main drivers supporting equities - stimulus, pandemic news, and <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-inflation-stimulus-returns-bonds-investing-sectors-bofa-2021-3-1030175296">recent inflation data</a>.Yields on the 10-year Treasury note rose by 7 basis points on Friday to 1.591% after spending most of Thursday's session lower."We continue to see developments supporting the upside for equities," said Mark Haefele, chief investment officer at UBS Global Wealth Management. "As growth accelerates, we see the best performance from cyclical parts of the market, including small-caps and emerging markets."Elsewhere in Europe, France and Germany are resisting imposing lockdowns, even as the former sees <a href="https://www.theguardian.com/world/live/2021/mar/10/coronavirus-live-news-brazil-sees-record-deaths-japan-may-stage-olympics-without-overseas-spectators">350 cases per 100,000 inhabitants</a> weekly and the latter, the <a href="https://www.thelocal.de/20210311/third-wave-already-begun-germany-records-sharp-increase-in-cases-covid-19/">most cases since late-January</a>.Meanwhile, the European Central Bank signaled on Thursday it would <a href="https://markets.businessinsider.com/news/stocks/christine-lagarde-higher-bond-yields-undesirable-ecb-speeds-up-buying-2021-3-1030173998">accelerate the pace of asset purchases</a> to cap rising yields. "The ECB did what was expected on policy-nothing," said Paul Donovan, chief economist at UBS Global Wealth Management. "After a slow start, they have promised to start buying bonds more quickly. Higher-yielding Euro area government bonds liked that. Other markets were indifferent."However, the euro seemed to have gained a "pass mark," because the ECB didn't increase the size of its bond-buying program and instead chose to front-load it, said Jeffrey Halley, a senior market analyst at OANDA.The <a href="https://markets.businessinsider.com/index/euro_stoxx_50">Euro Stoxx 50</a> fell 0.4% and <a href="https://markets.businessinsider.com/index/dax">Germany's DAX</a> fell 0.3%.The UK posted a <a href="https://markets.businessinsider.com/news/stocks/uk-economy-gdp-shrinks-january-less-than-expected-2021-3-1030176765">3.9% decline in January GDP</a>, affected by tougher lockdown restrictions that led to shuttered businesses. That left the economy 9% smaller than what it was before the pandemic struck in March 2020, the Office for National Statistics said. But this was well above expectations for a contraction of 4.9% in the first month of the year.London's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> fell 0.2%.In Asia, <a href="https://www.businessinsider.com/china-market-regulator-fines-12-companies-for-illegal-monopolistic-behaviours-2021-3">China's antitrust regulator has slapped fines</a> on some of its biggest tech companies including Tencent and Baidu, which dented sentiment in the tech sector. But Biden's stimulus is expected to be a short-term driver for Asian markets. China's <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite</a> rose 0.4%, Japan's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei</a> rose 1.7%, while Hong Kong's <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng</a> fell 2.3%.Oil markets slipped, as the recent bull market correction continued. <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent crude futures</a> fell 0.4% to $69.35 and <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate crude</a> fell 0.6% to $65.65.

Global stocks edge lower on fresh concerns of COVID-19 cases despite Biden signing the $1.9 trillion stimulus deal

<ul class="summary-list"><li>The House of Representatives voted on Monday to increase <keyword id="45304" type="COMPANY" weightage="60" keywordseo="Stimulus">stimulus</keyword> checks to $2,000 from $600.</li><li>This vote, President Donald Trump's continued call for larger checks, and the Senate runoff elections in <keyword id="6385073" type="LOCATION" weightage="60" keywordseo="georgia">Georgia</keyword> next week put Senate Majority Leader <keyword id="192852" type="PERSON" weightage="60" keywordseo="Mitch-McConnell">Mitch McConnell</keyword> in a bind.</li><li>GOP wins in Georgia may depend on whether the $2,000 stimulus checks make it through the Senate.</li></ul>The House of Representatives voted on Monday <a href="https://www.businessinsider.com/house-passes-bill-to-increase-600-stimulus-checks-to-2000-2020-12">to increase stimulus checks to $2,000 from $600</a>. The measure now goes to the Senate, where its fate is largely in Majority Leader Mitch McConnell's hands.If McConnell isn't able to rally the GOP around supporting these new stimulus payments, it could cost Republicans the runoff elections in Georgia on January 5, the results of which <a href="https://www.businessinsider.com/trump-coronavirus-stimulus-attacks-could-cost-gop-georgia-senate-2020-12">will determine control of the Senate</a>.McConnell was initially opposed to a second round of stimulus checks.House Democrats in May passed the $3 trillion HEROES Act, which called for a second round of $1,200 checks. But McConnell declined to bring up that bill in the Senate, opting to try to pass a "skinny" stimulus package that did not include direct payments.Negotiations before the November election stalled. More than a month after the election, the House and the Senate passed a $900 billion COVID-19 relief package that included $600 direct payments.McConnell has tied the relief package to the Georgia races in the past.Two weeks ago, <a href="https://www.businessinsider.com/lose-lose-mcconnell-as-trump-dems-support-2000-stimulus-checks-2020-12">The New York Times reported</a> that, in private calls, McConnell described Sens. Kelly Loeffler and David Perdue - the GOP's candidates in the Georgia runoff elections - as "getting hammered" over an initial lack of GOP support for additional stimulus checks.McConnell later agreed to include $600 checks in the $900 billion relief package, reportedly in recognition of the political cost to the two Republican senators.But then President Donald Trump bashed the bipartisan package that Congress sent his way last week, saying the $600 checks were "too small" and demanding they be increased to $2,000.Though Trump ultimately signed the package, he has continued to call for $2,000 direct payments, which the House passed on Monday.As Georgia's critical runoff elections loom, Trump's sudden demand has <a href="https://www.businessinsider.com/lose-lose-mcconnell-as-trump-dems-support-2000-stimulus-checks-2020-12">left McConnell in a no-win position</a>.If he embraces a larger direct payment, he risks splitting the party and contradicting the hard-line strategy of <a href="https://nymag.com/intelligencer/2020/12/republican-austerity-warriors-fighting-covid-19-stimulus.html">citing concerns about the federal budget deficit</a>.McConnell was largely absent from the stimulus-package negotiations before the election, as he was focused on confirming Amy Coney Barrett to the Supreme Court. He left them to Treasury Secretary Steve Mnuchin and House Speaker Nancy Pelosi.After the election, some Republicans voiced concerns about the deficit, which threatened to scuttle another relief package. <a href="https://www.nytimes.com/2020/12/20/us/politics/congress-stimulus-deal.html">The Times reported last week</a> that McConnell "initially resisted another stimulus package, saying that Congress should pause and consider the deficit before providing more relief."If McConnell kills the measure with larger direct payments by not allowing it to be considered, or if he brings it to a vote and it fails, Georgia's Democrats are likely to spend their final days campaigning on the fact that Senate Republicans blocked larger stimulus checks.The measure would need 60 votes to pass in the Senate, meaning all Democrats and the two independent senators who caucus with them would need 12 Republicans to vote with them.Some high-profile GOP senators, such as Sen. Marco Rubio, have urged their fellow Republicans to support sending $2,000 checks to Americans making under $75,000."I agree with the President that millions of working class families are in dire need of additional relief, which is why I support $2,000 in direct payments to Americans struggling due to the pandemic," Rubio said <a href="https://www.rubio.senate.gov/public/index.cfm/2020/12/rubio-i-support-2000-payments-to-americans-in-need">in a statement</a> before Monday's House vote.Perdue and Loeffler waffled before eventually supporting the $600 stimulus checks.After Trump slammed the $900 billion package and called for larger direct payments, Loeffler said she could <a href="https://thehill.com/homenews/senate/531478-loeffler-said-shed-consider-backing-2000-checks">support an increase</a> "if it repurposes wasteful spending." Perdue has avoided answering questions about $2,000 checks.Their Democratic opponents, the Rev. Raphael Warnock and Jon Ossoff, immediately <a href="https://nypost.com/2020/12/23/democrats-back-trumps-2000-stimulus-check-demand/">backed increasing the checks to $2,000</a>.McConnell's best bet to keep the Senate may be to get the votes and get on board with the House.

Mitch McConnell's best hope for GOP wins in the Georgia runoff elections is the Senate passing the $2,000 stimulus checks

<ul class="summary-list"><li>President <keyword id="6354484" type="PERSON" weightage="60" keywordseo="Donald-Trump">Donald Trump</keyword> on Monday urged <keyword id="66537" type="ORGANIZATION" weightage="60" keywordseo="Republicans">Republicans</keyword> to confirm his Supreme Court quickly so they could also pass a stimulus package.</li><li>"Personally, I would pull back, approve, and go for STIMULUS for the people!!" he said in a tweet.</li><li>The <keyword id="3798493" type="PERSON" weightage="60" keywordseo="trump-administration">Trump administration</keyword> on Friday offered a $1.8 trillion stimulus package to <keyword id="6534156" type="UNKNOWN" weightage="60" keywordseo="Democrats">Democrats</keyword>, but both parties panned it.</li><li>Some Senate Republicans have been reluctant to back additional relief spending that could increase the national debt, and odds are very slim that <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> will approve a stimulus package before the election.</li></ul>President Donald Trump on Monday called on Republicans to skip days of hearings and quickly confirm his Supreme Court nominee, Judge Amy Coney Barrett, so they could work on approving a stimulus package."The Republicans are giving the Democrats a great deal of time, which is not mandated, to make their self serving statements relative to our great new future Supreme Court Justice," he wrote on Twitter.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/mims/statuses/1315652617863864320?ref_src=twsrc%5Etfw">October 12, 2020</a></blockquote>"Personally, I would pull back, approve, and go for STIMULUS for the people!!" he added. He reiterated his call in another tweet later on Monday.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/mims/statuses/1315762862640439296?ref_src=twsrc%5Etfw">October 12, 2020</a></blockquote>"Republicans should be strongly focused on completing a wonderful stimulus package for the American People!" he said.The Senate Judiciary Committee <a href="https://www.businessinsider.com/amy-coney-barrett-will-tell-senate-courts-shouldnt-make-policy-2020-10">started confirmation hearings</a> on Monday for Barrett. If she is confirmed toward the end of October, Barrett would lock in a 6-3 conservative majority on the Supreme Court.Read more: <a href="https://www.businessinsider.com/stock-market-investing-advice-stimulus-talks-sector-impact-david-bahnsen-2020-10" target="_blank" rel="noopener">A $2.5 billion investment chief highlights the stock-market sectors poised to benefit the most if stimulus is passed after the election — and says Trump ending negotiations doesn't threaten the economic recovery</a>Democrats have criticized the short confirmation timetable and argued that it would come at the expense of passing another federal rescue package to pump hundreds of billions of dollars into the economy and aid jobless Americans and businesses in the short term."We shouldn't be spending time on this when we are doing absolutely nothing to pass a much-needed COVID bill," Sen. Patrick Leahy of Vermont said in opening remarks on Monday.During a campaign appearance in Ohio, Democratic presidential nominee Joe Biden assailed Republicans for prioritizing Barrett's confirmation over economic aid to people, businesses, and jurisdictions."In the middle of this pandemic, why do the Republicans have the time to hold a hearing on the Supreme Court instead of providing the significant economic need to localities?" Biden said, referring to aid to cash-strapped state and local governments.The Trump administration on Friday <a href="https://www.businessinsider.com/trump-administration-stimulus-plan-direct-payments-unemployment-benefits-2020-10">increased its stimulus-package offer</a> to $1.8 trillion, its largest yet during a turbulent stretch of negotiations with Democrats. The president <a href="https://www.businessinsider.com/trump-stimulus-negotiations-back-on-checks-pelosi-mnuchin-economy-restart-2020-10">revived the talks</a> after <a href="https://www.businessinsider.com/trump-ends-stimulus-negotiations-until-after-presidential-election-economic-recovery-2020-10">abruptly ending them</a> last week.But <a href="https://www.businessinsider.com/nancy-pelosisenate-republicans-white-house-stimulus-offer-2020-10">Democrats and Senate Republicans blasted</a> the proposal. Republicans said the price tag was too high and criticized several measures. And in <a href="https://www.speaker.gov/newsroom/101020">a letter to colleagues</a> on Sunday, House Speaker Nancy Pelosi called it "insufficient" and laid out concerns about health funding and testing.Pelosi has <a href="https://www.speaker.gov/newsroom/101020">also taken issue</a> with the administration's plans for federal funding for state and local aid, unemployment insurance, and tax credits for families and people with lower incomes.The administration on Sunday <a href="https://twitter.com/TreasurySpox/status/1315321364916719616?s=20">called on Congress</a> to repurpose roughly $130 billion in unspent funding from the Paycheck Protection Program to aid small businesses. But Democrats have long rejected Republicans' efforts to address the public health and economic crises through individual bills.The legislative window for action on a coronavirus relief bill is quickly closing, with three weeks until Election Day. Negotiations on an economic-aid package have mostly involved Pelosi and Treasury Secretary Steven Mnuchin, with no input from Senate Republicans, some of whom are critical of supporting relief spending that would increase the national debt.Senate Majority Leader Mitch McConnell said last week that passing an aid package before the election <a href="https://www.businessinsider.com/mitch-mcconnell-stimulus-package-unlikely-three-weeks-trump-economy-odds-2020-10">was unlikely</a>.Read more: <a href="https://www.businessinsider.com/investment-advice-portfolio-positioning-congress-fiscal-stimulus-blackrock-mike-pyle-2020-9" target="_blank" rel="noopener">BlackRock's investment chief breaks down why Congress passing a second round of fiscal stimulus is 'quite serious' for markets and the economy — and pinpoints which sectors will benefit in either scenario</a>

Trump urges Republicans to speed up the Supreme Court confirmation process so they can focus on approving a stimulus package

<ul><li>US stocks closed mixed on Thursday amid falling jobless claims and new hopes for a stimulus deal.</li><li>The <a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nasdaq composite</a> closed at all-time highs, while the <a href="https://markets.businessinsider.com/index/s&amp;p_500_500" target="_blank" rel="noopener">S&amp;P 500</a> lost its record close in the final hour of trading.</li><li>New weekly claims for unemployment insurance <a href="https://www.businessinsider.com/us-weekly-jobless-claims-712000-unemployment-benefits-insurance-economic-recovery-2020-12">totaled an unadjusted 712,000</a> for the week that ended Saturday. Economists surveyed by Bloomberg expected a reading of 775,000.</li><li>Lawmakers warmed up to the $908 billion proposal <a href="https://www.businessinsider.com/democrats-just-embraced-a-908-billion-coronavirus-stimulus-plan-2020-12">Democratic leaders embraced on Wednesday</a>, placing new pressure on Senate Majority Leader Mitch McConnell to reach a compromise.</li><li>Oil gained after OPEC+ decided to gradually reverse some production cuts. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">West Texas Intermediate crude</a> rose as much as 1.2%, to $45.84 per barrel, before paring losses.</li><li><a href="https://markets.businessinsider.com/indices">Watch major indexes update live here</a>.</li></ul>US equities closed mixed as investors cheered encouraging jobless claims data and progress toward a stimulus-package compromise.The <keyword id="156451" type="ORGANIZATION" weightage="60" keywordseo="Nasdaq-Composite">Nasdaq composite</keyword> closed at a record high, while the <keyword id="123873" type="PERSON" weightage="60" keywordseo="SP-500">S&amp;P 500</keyword> lost its record close in the final hour of trading amid concerns a vaccine rollout will be slower than expected.Early-day gains came as lawmakers warmed up to the $908 billion proposal <a href="https://www.businessinsider.com/democrats-just-embraced-a-908-billion-coronavirus-stimulus-plan-2020-12">Democratic leaders embraced on Wednesday</a>. Senate Majority Leader Mitch McConnell hasn't said whether he will raise his own offer to reach an agreement, but he and House Speaker Nancy Pelosi spoke Thursday afternoon about the omnibus spending bill and additional fiscal stimulus.New weekly claims for unemployment insurance <a href="https://www.businessinsider.com/us-weekly-jobless-claims-712000-unemployment-benefits-insurance-economic-recovery-2020-12">totaled an unadjusted 712,000</a> for the week that ended Saturday, the Labor Department said Thursday. Economists surveyed by Bloomberg expected a reading of 775,000. The decline snapped a two-week streak of increases for initial filings.Here's where US indexes stood at the 4 p.m. ET market close on Thursday:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500_500" target="_blank" rel="noopener">S&amp;P 500</a>: 3,666.72, down 0.1%</li><li><a href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Dow Jones industrial average</a>: 29,969.52, up 0.3% (86 points)</li><li><a href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">Nasdaq composite</a>: 12,377.18, up 0.2%</li></ul>Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-ecommerce-holiday-shopping-season-pedro-palandrani-2020-12" target="_blank" rel="noopener">A Wall Street analyst breaks down why e-commerce stocks are 'just getting started' and will continue to see massive growth even after vaccine distribution - and says these 4 are best-positioned for gains during the holiday shopping season</a>Continuing claims, which track Americans receiving unemployment benefits, fell to 5.5 million for the week that ended November 21. That also landed below the consensus estimate.Some economists fear the decline in jobless claims can largely be attributed to the Thanksgiving holiday, and that filings will again swing higher in the coming weeks."The drop in claims reported today reverses the increases of the past two weeks, but it would be a mistake to regard the decline as mere mean reversion," Ian Shepherdson, chief economist at Pantheon Macroeconomics, said. "The drop is the fluke, not the increases which preceded it."Read more: <a href="https://www.businessinsider.com/stocks-picks-to-buy-42-for-strong-growth-morgan-stanley-2020-12" target="_blank" rel="noopener">Morgan Stanley handpicks 42 stocks to buy as their company-specific strengths help them deliver strong growth for many years to come</a>Investors will get another look at how the labor market is recovering on Friday when the Bureau of Labor Statistics publishes its November nonfarm payrolls report. Economists expect the US economy to have added 486,000 payrolls through the month. The unemployment rate is forecasted to dip 0.1 points to 6.8%.Utilities and materials lagged the market's upswing. Energy and real estate stocks outperformed.Thursday's gains pull the S&amp;P 500 to record highs for the third straight day. Stocks <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-today-renewed-stimulus-optimism-drive-stocks-higher-2020-12-1029859547">erased morning losses and closed higher</a> on Wednesday as House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer backed the $908 billion stimulus measure. <a href="https://markets.businessinsider.com/stocks/ba-stock?utm_source=markets&amp;utm_medium=ingestgest">Boeing</a> led the Dow higher as shares surged on optimism around the return of its 737 Max jet. Ryanair Holdings placed a 75-jet order for the model, marking the largest purchase yet since the plane was grounded nearly two years ago.<a href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-jumps-after-goldman-sachs-upgrades-buy-rating-2020-12-1029860579">Tesla gained</a> after Goldman Sachs upgraded its shares to "buy" from "neutral" in a note to clients. The bank also lifted its price target for the automaker to $780, implying a 37% rally from Wednesday's close over the next 12 months.Read more: <a href="https://www.businessinsider.com/investing-advice-tips-growth-fund-manager-dennis-lynch-morgan-stanley-2020-11" target="_blank" rel="noopener">Dennis Lynch has tripled his clients' money since 2010. The star fund manager shares 5 bets he's seizing on for 2021 and beyond - and explains how he avoids making costly investing mistakes.</a><a href="https://markets.businessinsider.com/news/stocks/crowdstrike-q3-earnings-stock-price-profit-revenue-beat-lifted-guidance-2020-12-1029862429">CrowdStrike jumped</a> after its fiscal third-quarter report beat expectations for profit and revenue. The cybersecurity firm also lifted its current-quarter guidance above Wall Street's estimates.<a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose to a 24-hour high of $19,614.08, before paring some gains.<a href="https://markets.businessinsider.com/commodities/gold-price">Spot gold</a> gained much as 0.7%, to $1,844.02 per ounce. The US dollar weakened against all of its Group-of-10 peers, while Treasury yields dipped.Oil prices edged higher after OPEC+ decided to gradually reverse production cuts. <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti?utm_source=markets&amp;utm_medium=ingestgest" target="_blank" rel="noopener">West Texas Intermediate crude</a> gained as much as 1.2%, to $45.84 per barrel. <a href="https://markets.businessinsider.com/commodities/oil-price?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingest?utm_source=markets&amp;utm_medium=ingestarkets&amp;utm_medium=ingest" target="_blank" rel="noopener">Brent crude</a>, oil's international benchmark, rose 1.4%, to $48.94 per barrel, at intraday highs.Now read more <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> coverage from Markets Insider and Business Insider:<a href="https://www.businessinsider.com/options-trading-how-investors-can-protect-tech-heavy-portfolios-nasdaq-2020-12">The creator of a new volatility index for the Nasdaq 100 shares how investors can protect portfolios loaded with tech names - and explains why he thinks it's superior to the VIX</a><a href="https://markets.businessinsider.com/news/stocks/us-30-year-mortgage-rate-record-low-housing-market-freddie-mac-2020-12-1029863219">US mortgage rates fall to 14th record low of 2020 as housing-market frenzy charges on</a><a href="https://markets.businessinsider.com/news/stocks/cruise-stocks-bofa-bullish-coronavirus-vaccine-hopes-ccl-rcl-nclh-2020-12-1029862911">Cruise stocks surge after Bank of America lifts price targets on vaccine hopes</a>

You Searched For "stimuluspackage" and got 6 results

The COVID-19 relief package includes a hidden benefit for student-loan borrowers that could save thousands in tax payments on loans that have been forgiven

Aleeya Mayo

What Trump's comments about ceasing stimulus-package negotiations mean for future $1,200 payments — in one minute or less

Barbara Smith

Global stocks edge lower on fresh concerns of COVID-19 cases despite Biden signing the $1.9 trillion stimulus deal

Shalini Nagarajan

Mitch McConnell's best hope for GOP wins in the Georgia runoff elections is the Senate passing the $2,000 stimulus checks

Azmi Haroun

Trump urges Republicans to speed up the Supreme Court confirmation process so they can focus on approving a stimulus package

Joseph Zeballos-Roig

Nasdaq closes at record high as Congress inches toward stimulus deal

Ben Winck