Coronavirus is ravaging the nation, but in Washington, D.C., legislators seemed busier bickering over the precise contents of a proposed $1.3 trillion relief package than delivering on promises to immediately begin sending out billions of dollars worth of cash to workers suffering from layoffs and reduced work hours or otherwise prevented from earning a living.
On Sunday, a Republican-sponsored bill that would have begun mailing out the checks -- and also included hundreds of billions of dollars to support damaged industries -- was defeated in a Senate vote. Throughout the day, efforts to reach a compromise failed to bear fruit, and by the end of the day, no relief package had been passed.
As matters continued unsettled, Monday was a rocky day in the markets, and with stock markets being volatile, it appears investors wanted to sell shares of the exchange companies.
Shares of Intercontinental Exchange (NYSE:ICE), which owns the New York Stock Exchange, of Nasdaq (NASDAQ:NDAQ), and of CME Group (NASDAQ:CME), which owns the Chicago Mercantile Exchange, closed trading Monday down 8.4%, 9.5%, and 11.9%, respectively.
Repeated attempts to pass a coronavirus relief bill in the Senate have seen the value of the proposed legislation balloon, to the extent that a bill that began last week in the $1 trillion range grew to $1.3 trillion over the weekend, and was passing $2 trillion on Monday. A bigger bill, however, hasn't made it much better in Democrats' estimation, and they voted to block passage for a second time on Monday.
While Republicans are urging swift action, Democrats criticize the bill for being "disproportionately tilted toward helping companies," reports The Washington Post. Until the bill includes "more benefits to families and healthcare providers," it may be dead in the water, and this uncertainty regarding passage is contributing to uncertainty in the stock market -- and in the three stocks that manage trading in said stock market.