Wall Street Caps Best Week Since 1974 on Latest Fed Stunner
Wall Street closed out its best week in 45 years on Thursday after the Federal Reserve launched its latest titanic effort to support the economy through the coronavirus outbreak.
The central bank announced programs to provide up to $2.3 trillion in loans to households, local governments and businesses as the country tips into what economists say may be the worst recession in decades.
The Fed’s actions completely overshadowed a government report that another 6.6 million people applied for unemployment benefits last week.
Stock investors expected such dismal numbers, and some are looking ahead to a possible reopening of the economy.
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