What happened to the stock market Thursday: Fed moves lift stocks

spike

US Federal Reserve Chairman Jerome Powell speaks during a press conference after a Federal Open Market Committee meeting in Washington, DC on July 31, 2019.

Andrew Caballero-Reynolds | AFP | Getty Images

Dow Jones Industrial Average jumps 285 points

The Dow rallied 285.80 points, or 1.22%, to close at 23,719.37. The S&P 500 advanced 1.45% to 2,789.82 The Nasdaq Composite gained 0.77% to 8,153.58. Stocks rallied to end a historic week of gains after the Fed unveiled even more measures to help the economy during the coronavirus outbreak.

More Fed plans

The Fed announced as slew of programs, including loans geared towards small and medium sized businesses, that will total up to $2.3 trillion. The central bank also gave more details on its plans to buy investment-grade and junk bonds. Those moves were enough to overshadow another massive spike in weekly jobless claims.

JPMorgan leads Dow, big tech falls

What happens next?

The corporate earnings season is set to begin next week, with JPMorgan Chase and Wells Fargo among the companies reporting on Tuesday. Markets will be closed on Friday for the Good Friday holiday.

Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

Source Article

Next Post

Facebook sues Bangkok resident for selling fraudulent ad tools

FILE PHOTO: A 3D-printed Facebook logo is seen placed on a keyboard in this illustration taken March 25, 2020. REUTERS/Dado Ruvic (Reuters) – Facebook Inc (FB.O) sued a Bangkok-based Indian man on Thursday for developing and marketing a software to bypass the social network’s advertising review process and deliver prohibited […]