New York: Wall Street closed out its best week in 45 years on Thursday after the Federal Reserve launched its latest titanic effort to support the economy through the coronavirus outbreak.
The central bank announced programmes to provide up to $2.3 trillion in loans to households, local governments and businesses as the country tips into what economists say may be the worst recession in decades.
It’s the latest unprecedented move by the Fed, which has rushed to ensure cash gets to parts of the economy that need it after markets got snarled by a rush of investors pulling cash out of the system.
The stock market is not the economy, and that distinction has become even more clear this week. The S&P 500 rose 1.4% Thursday, the same day the