Wall Street gains as Fed moves to buy short-term corporate debt

  • Markets
  • Tuesday, 17 Mar 2020


NEW YORK: U.S. stocks reversed early losses to trade higher on Tuesday as the Federal Reserve said it would relaunch financial crisis-era purchases of short-term corporate debt to thaw credit markets strained by the coronavirus pandemic.

Under the Commercial Paper Funding Facility (CPFF), first used in 2008, the central bank will buy short-term corporate debt directly from the companies that issue it.

At 10:50 a.m. ET, the Dow Jones Industrial Average was up 128.26 points, or 0.64%, at 20,316.78, the S&P 500 was up 57.81 points, or 2.42%, at 2,443.94. The Nasdaq Composite was up 179.22 points, or 2.60%, at 7,083.81.- Reuters

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