Stocks opened lower on Friday, jeopardizing the largest three-day surge since 1931, as the House scrambles to pass the $2 trillion coronavirus relief package.
The Dow Jones Industrial Average opened 2.90% down after rising more than 20% this week. The index is off over 23% from its record high of 29,551 on Feb. 12.
The S&P 500 and Nasdaq composite also opened lower Friday by 3.45% and 2.98%, respectively.
Oil prices were also down with WTI Crude and Brent Crude trading lower by 3.54% and 2.48%, respectively.
The markets reacted to the House hurrying to approve the coronavirus relief package that has already passed the Senate. However, Rep. Thomas Massie, a Kentucky Republican, took to Twitter on Thursday and called the relief bill “not a good deal.” He also suggested to a local radio station that he might object to allowing a voice vote on the legislation. If he followed through with the threat, lawmakers would have to return to the Capitol to vote on the bill.
The threat prompted House Majority Leader Steny Hoyer, a Democrat from Maryland, late Thursday to call lawmakers to the Capitol for a vote.
“Members are advised that it is possible this measure will not pass by voice vote. Members are encouraged to follow the guidance of their local and state health officials, however if they are able and willing to be in Washington D.C. by 10:00 a.m. tomorrow, Members are encouraged to do so with caution,” the email stated.
Massie reportedly drove to Washington, D.C., to call for a recorded vote on the bill, according to Politico.
The House needs at least 216 lawmakers on the House floor to vote on the legislation, assuming Massie follows through and objects to the unanimous consent request. No members need to be present on the House floor for legislation to be approved by unanimous consent.
Hoyer’s office released guidelines for how lawmakers should enter the chamber if a vote is necessary. It, in part, stated: “Members will be required to cleanse their hands with waterless hand sanitizer before entering and departing the House Chamber and are requested to follow all health safety procedures while on the Floor. Seating in the House Chamber will be limited.”
Speaker Nancy Pelosi, a Democrat from California, told reporters on Thursday that “we will be passing the bill tomorrow,” either by unanimous consent or by vote.
