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Market Update: US President Biden: Stimulus to fuel faster US recovery; jobs outlook still dull

US President Joe Boden is addressing the nation. US

Earlier, Biden signed a $1.9tn (£1.4tn) economic relief bill that aims to help Americans impacted by the Covid-19 pandemic into law.

The bill includes $1,400 payments, an extension of jobless benefits, and a child tax credit that is expected to lift millions out of poverty.

In a major legislative win for Mr Biden, the spending bill, one of the largest in US history, passed Congress without a single Republican supporter.

The Dow ended up 0.58%, or by 188.57 points to 32,485.59, while the NASDAQ ended 2.36% higher and the S&P 500 finished up by 1.04%.

Meanwhile, Biden says that his stimulus will fuel a faster US recovery while the jobs outlook is still dull. 

Biden also says, that by the end of May will have vaccines for all Americans.

“My fellow Americans,” he said, ”you’re owed nothing less than the truth. And for all of you asking when things will get back to normal, here is the truth. The only way to get our lives back, to get our economy back on track, is to beat the virus.”

Biden said that they are on track to reach goal of giving 100 million covid shots by his 60th day in office.

There was no uptake to his speech in the markets.