Stocks jumped on Thursday after the Federal Reserve gave more details on how it will support the economy amid the coronavirus pandemic.

The Dow Jones Industrial Average jumped more than 300 points, or 1.3%. The S&P 500 gained 1.1% while the Nasdaq Composite advanced 0.8%. Thursday’s gains put the major averages on pace for strong weekly gains.

The Fed announced as slew of programs, including loans geared towards small and medium sized businesses, that will total up to $2.3 trillion.

Thursday’s announcement was enough to outweigh another massive jump in weekly jobless claims.

More than 6 million Americans filed for unemployment benefits last week. Economists expected an increase of 5 million. The latest data built on the record-shattering prior two readings of 6.6 million and 3.3 million.

Source: CNBC