"If you want to get money into the hands of people quickly and efficiently, let them have the full money that they earned, approve a payroll tax cut until the end of the year, December 31," US President Donald Trump tweeted out on Friday.

"Then you are doing something that is really meaningful. Only that will make a big difference," Trump added.

Market reaction

US stock index futures hit the 5% upper limit earlier in the day to reflect the upbeat market sentiment. As of writing, the 10-year US Treasury bond yield was at 0.95%, adding nearly 20% on the day.