Many Americans used the coronavirus check to buy stocks

This is one of the strong decisions made by Donald Trump in the face of the current crisis in the United States. Passed by Congress in late March, the Cares law (“Coronavirus, Aid, Relief and Economic Security”) has enabled millions of Americans to receive financial assistance from the state. As Liberation points out, the American authorities have announced that 140 million beneficiaries have already received a check and should be imitated by another 10 million Americans soon. Those earning less than $ 99,000 gross per year received up to $ 1,200 (about 1,100 euros), plus another $ 500 (about 459 euros) per child. Married couples earning less than $ 150,000 in two are also affected.

According to the software and data aggregation company Envestnet Yodlee, relayed by CNBC and which analyzed American spending from March, this money would have been used to speculate on the stock market. Stock market transactions increased by more than 90% among people earning between $ 35,000 and $ 75,000 a year the week after their US government check arrived. For Americans earning between $ 100,000 and $ 150,000, this increase was 82%, and more than 50% among those with incomes above $ 150,000 annually.

>> Read also – American aid checks caught by their bank?

Priority savings and cash withdrawals

Buying stock, however, lags far behind savings (up to + 250% among people earning less than $ 35,000 a year) and cash withdrawals in the way that aid is spent. Many people have also used this money to pay their bills or rent and make purchases for their homes or for entertainment. But “there is no doubt that the coronavirus has made people more actively involved with their money,” said Bill Parsons,

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