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Economy

Coronavirus: US stocks open higher after Trump signs stimulus bill

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Wall Street stocks opened higher Monday after President Donald Trump signed a $900 billion economic relief package that removed the risk of a government shutdown.

About five minutes into trading, the Dow Jones Industrial Average was at 30,368.31, up 0.6 percent.

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The broad-based S&P 500 gained 0.7 percent to 3,728.59, while the tech-rich Nasdaq advanced 0.7 percent to 12,898.20.

Trump, who leaves office on Jan. 20 after losing November’s election, backed down from his threat to block the bill, which was approved Congress last week, after he came under intense pressure from lawmakers on both sides.

The Republican president, who golfed on Sunday and remained out of public view even as the potential government shutdown loomed, had demanded that Congress change the bill to increase the size of stimulus checks for struggling Americans to $2,000 from $600.

It was not immediately clear why Trump changed his mind as his resistance to the massive legislative package promised a chaotic final stretch of his presidency.

Read more:

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(With Reuters)