Stocks surged on Friday after Senate Minority Leader Chuck Schumer said he'll support a GOP spending bill, helping the government avoid a shutdown.

What happens to federal employees, air travel and tax filing if lawmakers don’t pass new funding legislation by the weekend deadline?

The odds that the federal government will shut down Saturday morning have risen in recent days as a growing number of Senate Democrats have said they can’t go along with a Republican plan that funds government programs through September.

Senate Minority Leader Chuck Schumer, D-N.Y., said he wouldn’t block a Republican government funding bill, reducing the odds of a government shutdown Friday night. If the Senate passes the bill, it would then go to President Donald Trump for a signature. A shutdown occurs after 11:59 p.m. ET Friday if no law is enacted by then.

Stock futures were bouncing back early Friday after retreating enough on Thursday to push the S&P 500 into a correction. A correction is when the index falls 10% from its most recent peak and is seen as an important marker for traders.

If this downturn is typical, the S&P 500 will lose 13.6% in total, bottom in mid-May and be recovered by September.

The 10% trigger for a correction is an arbitrary, round-number threshold. But it serves as a signal that investors have turned pointedly more pessimistic about the market.