U.S. stocks opened up Friday as Congress closed in on a deal to mitigate the economic costs of the coronavirus on the country.
The Dow Jones Industrial Average opened nearly 6% higher from Thursday’s close.
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The S&P 500 and Nasdaq composite were also up, 5.27% and 4.94%, respectively.
U.S. stocks had suffered their worst losses since 1987 on Thursday as investors feared the ramifications of the coronavirus pandemic.
The House was scheduled to vote on a relief package Friday that includes expanding the food stamps program and creating a new federal “emergency paid leave” program for people kept home by the pandemic.
House Speaker Nancy Pelosi, a Democrat from California, and Treasury Secretary Steven Mnuchin had several discussions on making changes to the bill, and Pelosi hopes to have a vote on the measure Friday. The Senate is adjourned until Monday, so the earliest that the bill can reach President Trump’s desk to be signed into law is next week.
