Stocks mixed as $900B coronavirus aid package clears Congress

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U.S. stock markets were mixed Tuesday morning after Congress passed a $900 billion COVID-19 aid package.

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The Dow Jones Industrial Average was down 79 points, or 0.26%, while the S&P 500 was lower by 0.1% and the Nasdaq Composite was higher by 0.3%.

The aid package will give a $600 direct payment to most Americans and an additional $300 per week of supplemental unemployment insurance through March. Paycheck Protection Program loans and COVID-19 vaccine rollouts are among the other programs that will receive funding.

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Looking at stocks, American Airlines and United Airlines were preparing to recall tens of thousands of furloughed employees as the airline industry is set to receive $15 billion in payroll support through the aid package.

Drugmakers Pfizer Inc. and BioNTech SE, meanwhile, are testing the effectiveness of their COVID-19 vaccine against a new fast-spreading coronavirus strain that stressed markets on Monday.

In tech, Apple Inc. shares were on track for a second day of gains after a report released shortly before Monday’s closing bell said the company is pressing ahead with plans for a self-driving vehicle that it hopes will be ready in 2024.

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The plan also includes Apple creating its own battery technology, driving up shares of fuel cell systems-makers like Plug Power Inc.

Peloton Interactive Inc. agreed to buy fitness equipment maker Precor for $420 million. The deal will give Peloton increased production capacity.

Meanwhile, ConocoPhillips discovered as many as 200 million barrels of oil in the Norwegian Sea. The company has an 80% stake where the well was drilled.

Looking at commodities, West Texas Intermediate crude oil fell 77 cents to $47.20 per barrel while gold tumbled $3.60 to $1,879.20 per ounce.

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The Euro Stoxx 600 climbed 0.85% while Germany’s DAX and France’s CAC 40 were higher by 0.93% and 0.94%, respectively. Britain’s FTSE 100 lagged, up 0.25%.

Asian markets were lower across the board with China’s Shanghai Composite losing 1.87%, Japan’s Nikkei sliding 1.04% and Hong Kong’s Hang Seng index declining 0.71%.

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