Wall Street rose for the third time in four days on Thursday as the U.S. Federal Reserve rolled out a massive $2.3 trillion program to bolster local governments and businesses, while oil prices gained on expectations of a drastic cut in output.
In what is likely to be its largest rescue effort ever, the Fed said it would work with banks to offer 4-year loans to companies of up to 10,000 employees and directly buy bonds of states and more populous counties and cities.
At 11:48 a.m. ET the Dow Jones Industrial Average was up 461.04 points, or 1.97%, at 23,894.61, the S&P 500 was up 50.16 points, or 1.82%, at 2,800.14 and the Nasdaq Composite was up 70.01 points, or 0.87%, at 8,160.92.
Source : Reuters