Wall Street opens higher boosted by new Fed actions to support economy
- Fed announces new measures that will provide $2.3 trillion worth of loans.
- S&P 500 Financials Index lead the rally in early trade.
- US Treasury Secretary Mnuchin says airline aid is next big thing to be rolled out.
Wall Street's main indexes started the day decisively higher on Thursday after the US Federal Reserve announced new actions that will provide $2.3 trillion worth of loans to support the economy. The Fed said it will assist households and employers of all sizes as well as state and local governments.
Financial shares gain traction
As of writing, the Dow Jones Industrial Average was up 2.1% on the day while the S&P 500 and the Nasdaq Composite were adding 2% and 1%, respectively.
Among the 11 major S&P 500 sectors, the Financials Index is up more than 5% to lead the rally. Meanwhile, the Industrial Index is adding 2.5% boosted by US Treasury Secretary Mnuchin comments about airlines being next in line to receive a big aid.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
