US Treasury Sec. Mnuchin: Supply chain issues not a major problem at the moment

"We will have support for the coronavirus economic relief bill," US Treasury Secretary Mnuchin told reporters on Friday and noted that they don't see supply chain issues as a major problem at the moment.

Mnuchin further added that they urge investors to focus on the long term and argued that markets will be higher a year from now.

"President Trump is very interested in the payroll tax cut, we are working with Congress on it," Mnuchin said. "If Congress wants to pursue economic stimulus in a manner other than the payroll tax cut, we will work with them."

Market reaction

Wall Street's main indexes started the day sharply higher. As of writing, the S&P 500 and the Nasdaq Composite were both adding more than 6% in the early trade.