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Stocks surge on Fed's $2.3T stimulus

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Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 16, 2020 at Wall Street in New York City. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images) NEW YORK - U.S.

equity markets rallied Thursday after the Federal Reserve's plan to provide $2.3 trillion in lending to households and businesses overshadowed a surge in jobless claims.

The Dow Jones Industrial Average rose 285 points, or 1.22 percent, narrowly missing gains that would have registered the index's best week since 1938.

The S&P 500 and Nasdaq Composite were higher by 1.45 percent and 0.77 percent, respectively. RELATED: CoronavirusNOW.com, FOX launches national hub for COVID-19 news and updates U.S.

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The economy is recovering, says President during meeting with professionals
COLOMBO (News 1st); President Gotabaya Rajapaksa said that the nature or extent of the challenges will not matter in fulfilling the promises made to the people.He noted that development activities continue in the country while taking necessary steps to control the COVID-19 pandemic.The President also pointed out that the economy, which had been collapsed for nearly two years, is gradually recovering.The President made these remarks participating in the first round of discussions in a series of sessions with professionals representing various fields, held at the President’s House on Friday (11).The professionals who participated in the discussion said that they are further committed to make the national programme a success by giving the necessary strength to achieve the goals desired by the President, said a statement.The professionals vehemently rejected the allegations spread by some sections with the objective of achieving narrow political agendas, the statement added.Experts in the field said that the new approach to agriculture initiated by the President is being continuously supported by the researchers and entrepreneurs who are engaged full time in these fields, further noted the statement.Representatives from a wide range of fields, including education, policy, sociology, agriculture, research, water and renewable energy, medical, engineering and innovation, were present at the discussion with the President.Ministers, State Ministers, Members of Parliament, the Governor of the Central Bank, the Secretary to the President, the Principal Advisor to the President and many others were also present.
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