After weeks of lobbying, Joe Biden has seen his $1.9 trillion stimulus bill finally approved by the U.S. Senate.
The bill was passed to the Senate after going through the House, where Speaker Nancy Pelosi was able to get unanimous support for the President’s package.
Many had expected a tougher task getting approval in the Senate, however led by Majority Leader Chuck Schumer, the ground-breaking relief bill was passed.
Now the bill, which is set to include $1,400 stimulus payment for many Americans, is scheduled to be rolled out in the coming days.
This package will also include $350 billion in aid to state and local governments and an extension of federal unemployment benefits.
As of writing the S&P 500 was up 0.51%
GameStop up 40% to start the week
GameStop’s share price was up to start the week, as research from Deutsche Bank showed that some plan to spend their stimulus money on stocks.
The so-called “meme stock” was up by over 40% soon after the opening bell, as many also expect the company to make a big shift into e-commerce, led by board member Ryan Cohen.
In the research from Deutsche, it was found that half of 25- to 34-year-olds (surveyed) plan to spend 50% of their stimulus checks on stocks.
Although $GME has fallen from its highs in January, many Reddit traders still remain interested, and this has helped keep the stock price inflated from where it historically has traded in the past.
$GME trading at $188.00, and up 36.49% as of writing.
Related: “Meme” stocks return
FTSE 100 rallies as Schools reopen
The FTSE 100 was up by over 1% on Monday, as the easing of the U.K. lockdown officially began with the reopening of schools.
As laid out by Prime Minister Boris Johnson, the first step was to reopen schools today, with non-essential retailers set to return to business on April 12th.
With the plan beginning to take shape, markets rejoiced, with the British banking sector in particular rallying on the re-opening of the economy.
Lloyds Banking, HSBC and Barclays all jumped by over 3.5% on Monday, with the FTSE 100 closing 1.34% higher.
Quote of the day – “Trading is very competitive and you have to be able to handle getting your butt kicked.”– Paul Tudor Jones
Senior Market Analyst