Markets rise as Federal Reserve pumps another $2.3 trillion into the economy

The Dow Jones Industrial Average rose 300 points as markets opened this morning. The S&P 500 gained 1.1%.

The Dow opened with agains despite a Labor Department jobless report showing an additional 6.6 million Americans filed for unemployment benefits last week, bringing the total number to over 16 million. 

Stock futures were down ahead of trading this morning, in anticipating of a brutal jobs report – but staged a comeback upon news of the Central Bank's loan rollout program. 

The Federal Reserve rolled out details of its aggressive $2.3 trillion lending program, as it continues to move swiftly to fight off an economic depression. The program, which includes Main Street lending and payroll protection, will aid small businesses impacted by the pandemic. The program is targeted at businesses with up to 10,000 employees.

European markets had a good day and oil prices continued to rise.

Unlike most of the rest of the world, China has yet to announce a government spending package to help mitigate the economic turmoil inflicted by the coronavirus outbreak. The Chinese Government has encouraged state-owned banks to increase their lending, but no broader package has been announced.

The Dow is currently up almost 30% from its record low in March.