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April 9, 2020, 9:39 a.m. EDT

Dow rallies 300 points at open after Fed unveils $2.3 trillion coronavirus lending program

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By Chris Matthews

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 /zigman2/quotes/210598065/realtime DJIA -0.07% rallied 350 points, or 1.5% to trade around 23,782, the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.48% jumped 37 points, or 1.4% to about 2,785 and the Nasdaq Composite index /zigman2/quotes/210598365/realtime COMP +1.29% gained 66 points, or 0.8% to roughly 8,175. 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. businesses with up to 10,000 employees and another to buy short-term notes issued by U.S. states and municipalities. The major U.S. stock exchanges will be closed Friday in observance of Good Friday.

US : Dow Jones Global
-17.53 -0.07%
Volume: 545.14M
May 29, 2020 5:14p
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
US : U.S.: Nasdaq
+120.88 +1.29%
Volume: 4.24M
May 29, 2020 5:16p

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