Dow Pares Gains After McConnell Says Stimulus Won't Pass Next Week

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Investing.com — The Dow Jones Industrial Average pulled back slightly Tuesday afternoon after Senate Majority Leader Mitch McConnell said he doesn’t expect the stimulus bill to pass by the end of next week.

Treasury Secretary Steven Mnuchin had said the bill would pass before the end of July, Politico reported.

The Dow Jones passed the 27,000 mark before paring gains to trade up about 0.7% to 26,859.70.

Mnuchin told reporters that the Trump administration is prepared to “spend what we need to spend” in the next coronavirus relief package. The administration is pushing a package worth $1 trillion.