US President Biden has signed the massive $1.9 trillion stimulus bill into law

The US President Joe Biden has signed the massive $1.9 trillion stimulus bill into law in a new milestone in the governments effort to keep the US economy going.

The stimulus will provide $1,400 stimulus payments for most taxpayers; $300 weekly federal jobless aid through early September; fund vaccine distribution and testing; expand the child tax credit, and distribute money for state and local governments.

The White House says a large number of direct payments will be distributed this month by the IRS.

The White House said Wednesday that Biden along with Vice President Kamala Harris will soon kick off a nationwide tour to promote the sweeping legislation with stops in Pennsylvania and Georgia.

Biden will address the nation in his first prime-time address on Thursday evening, timed to the first anniversary of the nation's initial virus lockdowns.

Market implications

This is bullish for stocks, not least for the possibility that billions of stimulus cheques could find their way into stocks.