Stocks Opened Lower despite Fed Unleashed More Stimulus

U.S. stocks opened lower on Monday even after the Federal Reserve unleashed another round of monetary stimulus. The Dow Jones Industrial Average lately fell 555.91 points or 2.90%, to 18,618.07. the S&P 500 was down 65.62 points, or 2.85%, to 2,239.30. The Nasdaq Composite declined 114.74 points, or 1.67%, to 6,764.78.

Oil futures were mixed Monday, with the U.S. benchmark turning higher. West Texas Intermediate crude for April delivery rose 41 cents, or 2.2%, to $21.34 a barrel. May Brent crude dropped $1.17, or 4.3%, to $25.81 a barrel.

The Federal Reserve on Monday announced it would purchase an unlimited amount of Treasurys and mortgage-backed securities in order to support the financial market. The Fed said it would buy assets “in the amounts needed” to support smooth market functioning and effective transmission of monetary policy. In addition, the Fed announced several new lending programs worth $300 billion to support all corners of the financial markets.