Dow up more than 300 points early Thursday on word of latest Fed lending program
U.S. stocks opened sharply higher Thursday as Wall Street looks to close out a holiday-shortened week on a high note, after the Federal Reserve released the details of a plan to provide $2.3 trillion in new support for the economy in an effort to fight the impact of the coronavirus epidemic. The Dow Jones Industrial Average DJIA, +2.22% rallied 350 points, or 1.5% to trade around 23,782, the S&P 500 index SPX, +2.10% jumped 37 points, or 1.
Investors were also surveying the damage that efforts to fight COVID-19 have dealt to the labor market, after the government said that another 6.6 million Americans filed for unemployment benefits in the first week of April, bringing the total to 16.8 million in just three weeks, indicating an unemployment rate well above 10%. The Fed program will include a new fund to buy debt from banks issued to small and medium sized U.S.
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