Stocks Opened Higher after Fed Announced New Stimulus

U.S. stocks opened higher on Thursday, after the Federal Reserve unexpectedly unleashed the details of a plan to provide $2.3 trillion to support businesses during the coronavirus pandemic. The Dow Jones Industrial Average lately rallied 317.68 points, or 1.36%, to 23,751.25. The S&P 500 jumped 36.67 points, or 1.33%, to 2,785. The Nasdaq Composite gained 73.59 points, or 0.91%, to 8,164.49.

Oil futures rose in electronic trade early Thursday as investors awaited the outcome of a crucial meeting of OPEC and its allies that is intended to end a price war between Russia and Saudi Arabia. West Texas Intermediate crude for May delivery was up $2.24, or 9.1%, at $27.36 a barrel. June Brent crude picked up $1.87, or 5.7%, to trade at $34.71 a barrel.

The Federal Reserve on Thursday set up new loan programs and bolstered existing ones in an effort to provide $2.3 trillion in support for the economy essentially shut down due to the coronavirus.

The latest round of coronavirus-induced layoffs and furloughs soared by another 6.6 million in the first week of April, bringing total job losses in less than a month to 16.8 million.