Wall Street jumps at open after Fed's massive stimulus, jobless claims data [Reuters]
Exxon Mobil Corporation (XOM)
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Source: Reuters
Wall Street set to jump at open on Fed stimulus, jobless claims data (Reuters) - Wall Street was set to jump at the open on Thursday as the U.S. Federal Reserve rolled out a massive $2.3 trillion program to bolster local governments and businesses impacted by the coronavirus pandemic. In its most groundbreaking step yet, the Fed said it would work through banks to offer 4-year loans to companies of up to 10,000 employees and directly buy the bonds of states and more populous counties and cities. “The Federal Reserve and the U.S. government are willing to go to extreme lengths to support the economy and that has been far beyond my expectations,” said Dev Kantesaria, founder portfolio manager of hedge fund Valley Forge Capital Management, Wayne, Pennsylvania. Meanwhile, data showed the number of Americans filing for jobless claims fell slightly last week to 6.6 million from an upwardly revised 6.87 million the week before. Still, new claims topping 6 million for the second straight week
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