Markets Unsteady, But Congress, President OK Relief

Andy Giersher
March 27, 2020 - 6:07 pm
Trump Signs COVID 19 Aid Bill

(Photo by Erin Schaff-Pool/Getty Images)

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(WBBM NEWSRADIO) -- Stocks closed sharply lower Friday, giving back some of the gains posted earlier in the week, as investors continue to try to price the economic impact of the novel coronavirus.

Also Friday, the U.S. House passed the $2.2 trillion coronavirus relief package and the president quickly signed it into law.

The S&P 500 lost 88, the NASDAQ shed 295 and the Dow Jones Industrial Average closed down 915 points, settling to 21,636.

"What we do know about this package, it does have tremendous firepower for a number of different groups," says Andrew Busch, economist at AndrewBusch.com

"This will get us through about maybe three months and it really just depends, because we just don't know. We have never shut down the U.S. economy in this fashion."

He added that he is impressed by how quickly both sides of the aisle got this legislation done.