Stocks close out best week since 1974 after Fed acts again
Copyright 2019 The Associated Press. All rights reserved
Specialist Meric Greenbaum works at his post on the floor of the New York Stock Exchange, Monday, March 9, 2020. The Dow Jones Industrial Average sank 7.8%, its steepest drop since the financial crisis of 2008, as a free-fall in oil prices and worsening fears of fallout from the spreading coronavirus outbreak seize markets. (AP Photo/Richard Drew)
The S&P 500 index closed out its best week since 1974 with another gain Thursday after the Federal Reserve launched its latest unprecedented effort to support the economy through the coronavirus outbreak.
The central bank’s announcement of programs to provide up to $2.3 trillion in loans to households, local governments and businesses overshadowed a report that another 6.6 million people applied for unemployment benefits last week.
The Fed's actions, as well as efforts by Congress, are aimed at alleviating the tremendous strains on the economy caused by the widespread business shutdowns and travel restrictions put in place to stem the spread of the virus.
The markets are closed on Friday for Good Friday.
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