Stocks rose Monday, recovering from earlier losses, as the Fed announced measures to support the market amid the Covid-19 pandemic. Here's how the major averages performed: - The Dow rose 157 points - The S&P 500 gained .83% - The Nasdaq advanced 1.4%
, marking a broader approach to corporate bond buying. The Fed previously had indicated that it eventually would buy bonds on the primary market, but Monday's announcement marked an expansion of that into the secondary market. This latest announcement also shows the Fed will continue to support credit markets during the coronavirus.
"The Fed is always going to try and show who's boss," said Ilya Feygin, senior strategist at WallachBeth Capital. "It's continuously proving it can do more and it's effective."The iShares iBoxx Investment Grade corporate bond ETF shot up to its session high after the Fed announcement, closing more than 1% higher.resurgence in the virusThe Dow and S&P 500 lost 5.5% and 4.7% last week, respectively, while the Nasdaq shed 2.3%.
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