Stocks were headed Thursday for their best week since 1938, after the Federal Reserve announced a $2.3 trillion plan to help local governments and small and mid-sized businesses.
The Dow Jones Industrial Average jumped more than 500 points, or 2.2%, by mid-day. The rally sent the index up about 13% for the week, putting it on a pace for its best week in more than 80 years.
Thursday is the last day of trading this week due to the Good Friday holiday.
The S&P 500 was up 2.2% at mid-day; the Nasdaq Composite rose 1.2%.
Oil prices also surged about 12% after Reuters reported that Russia and Saudi Arabia have agreed to a production cut.
Before trading opened, the Federal Reserve announced $2.3 trillion worth of loan commitments to help businesses and state and local governments grapple with the impact of the coronavirus pandemic. Fed Chairman Jerome Powell said the central bank “won’t hesitate” to support other areas of the economy as needed.
• Dave Boyer can be reached at dboyer@washingtontimes.com.
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