NEW YORK - U.S. equity markets were searching for direction Monday morning, reversing steep overnight losses, after the Federal Reserve announced "extensive new measures" to support the U.S.
economy. The central bank said it would purchase Treasury securities and agency mortgage-backed securities in the "amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy." RELATED: CoronavirusNOW.com, FOX launches national hub for COVID-19 news and updates. In addition, the Fed launched three new lending facilities which will provide up to $300 billion in new financing to support the flow of credit to employers, consumers and businesses.