Lawmakers are pulling out the big guns in their efforts to attack the worsening economic crisis. On Friday Congress voted on the highly anticipated $787 billion stimulus package, one of the largest spending initiatives our nation has ever undertaken to stave off a downturn.
The final package includes about $500 billion in spending and $287 billion in tax cuts. The White House has said that it would take about a month for the money to begin flowing.
Some big manufacturers moved higher Friday, on expectations they will be among the first to benefit from the stimulus with Boeing and United Technologies both posting gains.
Consumer stocks, however, dropped on skepticism whether consumers will rush to spend the tax cuts that are part of the stimulus.
So, what’s the trade, now? For insights we turned to Zach Karabell, president of RiverTwice Research and Dennis Gartman, author of The Gartman Letter.