(RTTNews) – Stocks are likely to move to the upside in early trading on Monday, adding to the strong gains posted last week. The major index futures are pointing to a higher open for the markets, although the Dow futures are up a relatively modest 71 points compared to more than 220-point jump by the Nasdaq futures.
The markets may continue to benefit from optimism about a new stimulus bill even though House Speaker Nancy Pelosi said talks will “remain at an impasse” until “serious issues” with the Trump administration’s latest proposal are resolved.
The White House has increased its offer to $1.8 billion in its latest proposal, but Pelosi still called the administration’s proposed bill “grossly inadequate.”
“The news is filled with the numbers in terms of dollars. The heart of the matter is: can we allow the virus to rage on and ignore science as the Administration proposes, or will they accept the scientific strategic plan in the Heroes Act to crush the virus,” Pelosi said in a letter to her Democratic colleagues.
“We have other differences in terms of who benefits from the spending,” she added. “But in terms of addressing testing, tracing and treatment, what the Trump Administration has offered is wholly insufficient.”
Meanwhile, Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows sent a letter to members of the House and Senate accusing Democrats of refusing to compromise on bipartisan legislation.
“It is not just about the top-line number but also about legislation that can be passed by both the House and the Senate and signed into law by President Trump to help the American people,” Mnuchin and Meadows wrote.
Mnuchin and Meadows urged Congress to vote on a bill allowing the administration to spend unused Paycheck Protection Program funds while negotiations