Wall Street rises on latest Fed rescue program
(Worthy News) – Wall Street closed out the trading week on a high note on Thursday as the U.S. Federal Reserve unleashed another program designed to buoy local governments and businesses crushed by massive closures to stem the coronavirus outbreak.
The benchmark S&P 500 index posted it best weekly gain since 1974, in a holiday-shortened week, bolstered by early signs that the outbreak was hitting a peak as well as aggressive global stimulus.
Under the Fed’s $2.3 trillion package, the U.S. central bank said it would work with banks to offer four-year loans to companies of up to 10,000 employees and directly buy bonds of states and more populous counties and cities. [ Source: Reuters (Read More…) ]
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