Congress close to stimulus deal

WASHINGTON—House lawmakers worked late into the evening Thursday on legislation to respond to the COVID-19 outbreak. House Speaker Nancy Pelosi, D-Calif., said they will likely vote on Friday on an economic stimulus package that will provide free coronavirus testing along with sick pay and other measures for affected workers. The Senate is in recess, but Majority Leader Mitch McConnell, R-Ky., said he would bring back lawmakers to vote on the legislation.

Will the measures boost the economy? A unified response out of Washington is likely to calm some investor fears. Thursday saw the biggest daily drop in stocks since the crash of 1987. The Federal Reserve Bank of New York announced it would offer $1.5 trillion in short-term loans to banks. Markets rebounded slightly early on Friday.

Dig deeper: Read Rachel Lynn Aldrich’s report in The Sift about some of the sporting events, concerts, and other public gatherings that the new coronavirus outbreak has shuttered.