Stocks Ended Higher after Fed Announced New Stimulus

U.S. stocks ended higher on Thursday after the Federal Reserve made a surprise announcement that it would deploy $2.3 trillion of funds through its lending programs to support the broader economy. The Dow Jones Industrial Average advanced 285.80 points, or 1.22%, to 23,719.37. The S&P 500 jumped 39.84 points, or 1.45%, to 2,789.82. The Nasdaq Composite climbed 62.67 points, or 0.77%, to 8,153.58. For the week, the Dow is up 12.7%, the S&P is up 12.1% and the Nasdaq is up 10.6%.

Oil futures finished with a loss on Thursday, as investors weighed reports of an OPEC+ output cut deal that some believe won’t be enough to offset losses in demand amid the COVID-19 pandemic’s hit to the economy. West Texas Intermediate crude for May delivery lost $2.33, or 9.3%, to settle at $22.76 a barrel. June Brent crude lost $1.36, or 4.1%, at $31.48 a barrel.