U.S. stocks capped significant weekly gains 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.
Equity exchanges will be closed tomorrow in observance of the Good Friday holiday.
The S&P 500 was up 1.4% to end at 2,790. The Dow Jones Industrial Average advanced 286 points, or 1.2%, to finish around 23,719, based on preliminary numbers. The Nasdaq Composite climbed 0.8% to finish around 8,154.
For the week, the S&P is up 12.1%, the Dow is up 12.7%, and the Nasdaq is up 10.6%. Data showed another 6.6 million Americans claimed unemployment benefits in the latest week.
But the disappointing news on the labor-market was offset by the Fed's lending announcements, with the central bank's unrolling of its $600 billion Main Street Lending program for small and medium sized businesses capturing the attention of investors.
Source : Market Watch