$2.3 trillion lending program
The Fed continues to support the markets by announcing a $2.3 trillion lending program and that has helped to give the stock market a boost on the opening. The major indices were down prior to the announcement. Below are some of the details:
- Main street facility could support up to $600B in loans
- Municipal facility to offer up to $500B in loans
- Expands primary and secondary corporate debt facilities and TALF
- TALF collateral will include AAA-rated outstanding CMBS, New CLOs
A snapshot of the market, a couple minutes into the opening is showing:
- S&P index up 31.3 points or 1.16% at 2782
- NASDAQ index up 71 points or 0.89% at 8163.5
- Dow up 352 points or 1.5% at 23785
In comparison, the futures are implying the following levels around 8 AM ET:
- Dow -231 points
- NASDAQ index -100 points
- S&P index -31 points
