SAN JUAN – The US stock market finished Monday higher, with investors betting that corporate earnings will provide a much-needed lift. Another matter investors mind is the Senate Republicans' proposal for “Stimulus 4,” which includes the following changes:
If approved, the $ 1 trillion economic recovery package would reduce the unemployment benefits to $ 200 a week, versus the current $ 600 a week , or $ 400 a week less. This reduction is quite a blow to the 31.8 million workers who are still claiming unemployment benefits across federal and state programs.
U.S. Senate Majority Leader Mitch McConnell (R-Kentucky) and the majority leader have alleged that the oversized unemployment benefits are a deterrent to employees returning to work. Given it is an election year and President Trump is lagging in the polls, reducing unemployment benefits by 67% in the middle of a pandemic may not sit well with the U.S. population.
Some context on the coronavirus pandemic follows:
- U.S. cases total 4.22 million, up 1.69% in 24 hours.
- Puerto Rico cases rose to 15,143, an increase of 4% in 24 hours.
- Florida cases rose to 414,511, an increase of 2.25% in 24 hours.  The Dow Jones Industrial Average closed at 26,584.77, up 114.88 points, or 0.43%.
- The Standard & Poor's 500 Index closed at 3,239.41, up 23.78 points, or 0.74%.
- The NASDAQ Composite Index closed at 10,536.23 , up 173.09 points, or 1.67%.
- The Birling Capital Puerto Rico Stock Index closed at 1,539.30, down 15.06 points, or 0.97%.
- The US Treasury 10-year note closed up at 0.62%.
- The U.S. Treasury 2-year note closed up at 0.15%.