‘There’s going to be a selloff in the stock market’ if Congress doesn’t pass more stimulus

If you’ve watched the stock market mount its breathtaking recovery over the past few months even as the country languished in a pandemic and recession, it might be easy to think, Nothing can stop this rally. Well, it looks like Congress could.

The $2.2 trillion fiscal stimulus package passed by Congress in March, which helped nourish a 51% trough-to-peak rebound in the S&P 500 and prevented a deeper economic crisis, has largely dried up. And economists and analysts tell Fortune it’s critical to pass more stimulus (and soon); otherwise another stock market correction and economic contraction could be looming.

Negotiations for another round of massive stimulus are stuck in a political stalemate: Democratic leaders haven’t come down from their ask of $3.4 trillion, and the White House won’t budge on its offer of around $1 trillion. The parties are in disagreement on items including a steep increase … Read More

Japan Prime Minister Abe to visit hospital again on Monday

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© Reuters. FILE PHOTO – Japan’s PM Abe holds news conference on coronavirus disease (COVID-19) in Japan

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TOKYO (Reuters) – Japanese Prime Minister Shinzo Abe is planning to visit a Tokyo hospital on Monday, Yomiuri daily said, amid mounting concerns about his ability to continue as premier due to health issues and fatigue from handling the coronavirus crisis.

Citing several government and coalition sources, Yomiuri said Abe would receive the results of a medical check-up from a week ago, when he underwent an examination that lasted seven-and-a-half hours, adding to worries about his health.

“This time it’s to hear the results of the medical check-up,” an anonymous government official told the paper.

Abe, already the country’s longest-serving prime minister, was set to surpass a half-century-old record set by his great-uncle Eisaku Sato for the longest consecutive tenure as premier on Monday.

Abe, in office since 2012 in his

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