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Post by bot on Jun 15, 2020 21:45:22 GMT -5
Dow stages roughly 1,000-point swing to session high as Fed says it will buy individual corporate bonds
The stock market jumped to near session highs Monday afternoon after the Federal Reserve said that it is expanding its purchase of corporate credit to individual bonds, underscoring the central bank's willingness to support financial markets that have been reeling since the coronavirus-induced shock in March. Previously, the Fed committed to buying exchange-traded funds that included corporate bonds but its announcement reflects an expansion via its secondary market corporate credit facility, or SMCCF. The Dow Jones Industrial Average was up 251 points, or 1%, at 25,841, but had been down by as many as 762.36 points, or 2.98%, at its nadir. The S&P 500 index was up 1.1% at 3,074, but started the day off 2.5%, while the Nasdaq Composite Index was down 1.6% at 9.746, well off its Monday low at 9,403.
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