Photo: Luiz Roberto Lima-ANB/Pacific Press/LightRocket via Getty Images

U.S. stocks shrugged off news of a record-breaking 3.3 million unemployment claims last week, closing higher for the third straight day as Congress moved closer to passing a $2 trillion coronavirus relief package.

Driving the news: Speaker Nancy Pelosi said Thursday that she expects the House to pass the Senate's rescue bill — the largest of its kind in U.S. history — on Friday, before moving on to a potential "Phase 4" package.

  • "The bill that was passed in the Senate last night and that we will take up tomorrow is about mitigation,” Pelosi said. “There’s so many things we didn’t get in any of these bills yet in the way that we need to."
  • The Senate package includes thousands of dollars in direct payments to most Americans, a $500 billion loan fund for large corporations and a $367 billion loan program for small businesses. (More details)

By the numbers:

  • S&P 500: +5.6%
  • Nasdaq: +6.1%
  • Dow Jones Industrial Average: +1,322 points, or +6.2%

Go deeper

58 mins ago - Technology

Why Puerto Rico is still struggling to get online

Illustration: Sarah Grillo/Axios

Internet connectivity remains a weak link for the disaster-wracked U.S. territory Puerto Rico, and some experts fear a new tranche of Federal Communications Commission subsidies set aside just for the island might not help the people most in need of a broadband connection.

Why it matters: Puerto Rico is locked out of most federal funding available to U.S. states to help expand internet service. The island risks being left behind as carriers expand and upgrade high-speed internet networks elsewhere, even as infrastructure-damaging tropical storms come faster and harder and the pandemic makes broadband even more of a must-have.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6 a.m. ET: 31,343,430 — Total deaths: 965,250— Total recoveries: 21,516,481Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,858,010 — Total deaths: 199,886 — Total recoveries: 2,615,949 — Total tests: 95,841,281Map.
  3. Health: CDC says it mistakenly published guidance about COVID-19 spreading through air.
  4. Media: Conservative blogger who spread COVID-19 misinformation worked for Fauci's agency.
  5. Politics: House Democrats file legislation to fund government through Dec. 11.
  6. World: U.K. upgrades COVID alert level as Europe sees worrying rise in infections — "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

The price of Washington's stimulus failure

Illustration: Eniola Odetunde/Axios

America's elected representatives have failed America.

Why it matters: The bipartisan inability to deliver economic stimulus could impede economic growth for months to come. It will create widespread damage across America — from small businesses to large industries to schools and day cares — and leave many Americans without jobs or homes.

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