Stocks open higher on Wall Street after the Federal Reserve launched its latest effort to support the economy through the coronavirus outbreak. The central bank said it took actions to provide up to $2.3 trillion in additional lending.
A currency trader watches computer monitors near the screens showing the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Thursday, April 9, 2020. Asian shares are mixed, with Tokyo lower, as an overnight rally on Wall Street faded.
The central bank undertook 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. It’s the latest massive move by the Fed, which has been rushing to ensure cash can get to parts of the economy that need it after lending markets got snarled earlier by a rush among investors to pull cash out of the system.
That’s because stock investors are continuously looking ahead a few months to the future. They sent stocks down by a third from mid-February into late March, before the economy really began to crunch.
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