March 17, 2020 / 3:01 PM / 11 days ago

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

March 17 (Reuters) - 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. (Reporting by Sagarika Jaisinghani in Bengaluru; Editing by Shounak Dasgupta)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below