Stocks were rising in intraday trading on Wednesday after President Donald Trump said he would consider alternative aid measures such as a new round of stimulus checks, support for airlines and the Paycheck Protection Program, a day after halting stimulus talks until after the presidential election.
Trump told his team Tuesday to halt negotiations with Democrats on a fiscal stimulus package, sending stocks sharply lower.
“I have instructed my representatives to stop negotiating until after the election when, immediately after I win, we will pass a major Stimulus Bill that focuses on hardworking Americans and Small Business,” Trump said in a tweet.
Trump’s announcement over Twitter followed the urging by Federal Reserve Chairman Jerome Powell for Congress to provide more fiscal support since a U.S. recovery would be weak without additional aid from the government.
Later Tuesday, however, the president tweeted that he would be willing to pass relief measures such as a new round of $1,200 stimulus checks.
“If I am sent a Stand Alone Bill for Stimulus Checks ($1,200), they will go out to our great people IMMEDIATELY. I am ready to sign right now. Are you listening Nancy?” Trump tweeted.
In addition to the aid for airlines, Trump said Congress should approve $135 billion for the Paycheck Protection Program to help small businesses.
House Speaker Nancy Pelosi, the chief negotiator for the Democrats, said in a statement that Trump “showed his true colors: putting himself first at the expense of the country, with the full complicity of the GOP Members of Congress.”
She added that “walking away from coronavirus talks demonstrates that President Trump is unwilling to crush the virus.”
Jim Cramer discusses what he's watching in the markets and why he views the President's tweets as a buying opportunity.
Latest Videos From TheStreet and Jim Cramer:
- Jim Cramer: Shutdowns Make Running NYC Small Business Impossible
- Looking for a FAANG Alternative? Here's Where a Monday.com Investor Finds Value
- PPE and Your Portfolio: Inside a Disruptive Industry
- Jim Cramer: You Have to Sell Movie Theater Stocks
- Don't Try to Price Stocks Around the Election: Here's Why