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Markets lower as Biden, Dems zero in on stimulus package, possible federal minimum wage hike
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U.S. equity futures are trading lower hours before the opening bell Tuesday on Wall Street as President Biden and Democrats in Congress are zeroing in on a $1.9-trillion coronavirus stimulus package that may include a $15 minimum wage as well as cash aid to American households.
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On Wall Street Monday, the S&P 500 rose 28.76 points to 3,915.59. The Dow Jones Industrial Average gained 0.8% to 31,385.76. The Nasdaq composite climbed 1% to 13,987.64.
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“Market participants doubled down on fiscal stimulus bets” after U.S. Federal Reserve officials downplayed concerns the spending might fuel inflation, said Mizuho Bank in a report.
Tesla rose 1.3% after the company said it purchased $1.5 billion in Bitcoin and pIans to allow customers to pay for their electric vehicles with the digital currency. Bitcoin was up 13.2% to $43,252, according to digital currency brokerage Coinbase.