This is the latest counterproposal to the stimulus package

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On this day in 1917, stocks plummeted over by a massive amount. Can you guess what percentage it fell?

Bonus points if you can guess why.

Think you know the answer? You can check it in the closing area down below!

The top 5 things you need to know before the market opens

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If one market trend carries over from January, it appears to be volatility. Dow Jones Industrial Average futures slipped 200 points before increasing the same amount this morning.

Overall, the Dow logged a 2% decline last month, while the S&P 500 slipped 1%. The Nasdaq, however, climbed 1.4%.

Today President Joe Biden will meet with Republican senators who have suggested a slimmer version of Biden’s massive $1.9 trillion stimulus. This is happening as Democrats in Congress begin a process known as reconciliation, which could ultimately allow the bigger bill to pass without GOP support.

Meanwhile, GameStop shares seemed to be steady this morning, and over the weekend Tesla CEO Elon Musk asked the Robinhood CEO about his choice to restrict trading of heavily-shorted stocks last week.

“We had no choice in this case,” said Vlad Tenev. “We had to conform to our regulatory capital requirements.”

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This is the latest counterproposal to the stimulus package

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The House this week could begin the reconciliation process to pass a $1.9 trillion stimulus package without GOP approval. But a group of ten Republicans offered a more narrow counterproposal yesterday, and President Joe Biden’s team has indicated they are interested.

“The president has said repeatedly, he is open to ideas wherever they may come that we could improve upon the approach to actually tackling this crisis. What he is uncompromising about is the need to move with speed on a comprehensive approach here,” said the director of the National Economic Council, Brian Deese.

The senators who proposed the compromise said they would reveal their proposed bill, in full, today.

In their letter, they wrote: “We recognize your calls for unity and want to work in good faith with your administration to meet the health, economic, and societal challenges of the [virus] crisis. With your support, we believe Congress can once again craft a relief package that will provide meaningful, effective assistance to the American people and set us on a path to recovery.”

What are the key elements of their bill that we are aware of so far?

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