Congress Passes $900B Stimulus, But A New Variant From The UK Weighed On Markets


After months of discussions, on Monday, the U.S. Congress finally passed a bipartisan $900 billion relief package bill which will include a second round of $600 stimulus checks for every adult and child.


Moreover, the package includes $284 billion for the Paycheck Protection Program and tens of billions of dollars for grants and loans to hard hit businesses. Lawmakers will now move to vote on the proposal, along with a full-year government spending bill.


However, last week the UK announced a new Covid variant which is believed to be 70% more transmissible, causing several European countries to ban all flights from the U.K.


The new strain caused world stocks to plummet, Stoxx Europe 600 was down 2.33% and the FTSE All-share index fell 1.78%, marking its biggest daily loss since 28th October.