Stocks spike, crypto stable after Senate approves stimulus plan

Stocks are up and crypto is relatively stable following the passing of the coronavirus economic stimulus bill by the Republican-led Senate. The Democrat-controlled House of Representatives is expected to pass the bill on Friday so it can be forwarded to President Trump for final approval.

Following the passing of the bill, stocks jumped for the third day in a row, with the Dow Jones surging by more than 1,200 points—a hike of roughly 20 percent that sent it above the 22,000 mark for the first time since March 13.

Crypto, on the other hand, hasn’t risen any further from two days ago but is maintaining its positions. Leading currency Bitcoin, for example, remains basically unchanged in the $6,600 range, while Ripple’s XRP continues to trade for around $0.16. And Ethereum has dropped just slightly to $135.

The bill includes many provisions, including relief checks for individual adults and children. Single tax-filing adults who made $75,000 a year or less and couples that made less than $150,000 can expect to receive full checks of $1,200 per person, while those who made more may receive reduced financial help.

The full package contains extensions on unemployment, six-month foreclosure protection for homeowners, and billions in loans for small businesses. The bill also includes grants for establishments like libraries and museums and financial relief for hospitals.

While the market news is positive, the road ahead is uncertain given today’s grim unemployment news. A record 3.28 million jobless claims were filed last week. The previous record for a week was 695,000 in October 1982. With more filings sure to come as the effects of social distancing increase, market movements remain difficult to predict.