NEW YORK (AP) — Stocks are rising in midday trading on Wall Street after the Federal Reserve launched its latest unprecedented effort to support the economy through the coronavirus outbreak.
The S&P 500 is up more than 1.5% Thursday, adding to a stellar week for the market.
The central bank said it took actions to provide up to $2.3 trillion in loans to households, local governments and small and large 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.
