U.S. Senate Passes Stopgap Spending Bill; Sends To House For Final Passage
Portfolio Pulse from Benzinga Newsdesk
The U.S. Senate has passed a stopgap spending bill, which is now sent to the House for final passage. This move is aimed at preventing a government shutdown and ensuring continued funding for federal agencies.
January 18, 2024 | 7:36 pm
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POSITIVE IMPACT
The passage of the stopgap spending bill by the U.S. Senate may have a stabilizing effect on the market, reflected in the performance of SPY, which tracks a broad range of U.S. stocks.
The passage of a stopgap spending bill typically reduces the risk of a government shutdown, which can create economic uncertainty and negatively impact the stock market. As SPY is a broad-based ETF that mirrors the S&P 500, it is likely to react positively to the reduced risk of a shutdown, as investor confidence in the stability of government operations and the overall economy is maintained.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70