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Stock futures rise as Federal Reserve expands lending programs

Stocks were poised to open higher on Monday after the Federal Reserve prepared to launch an expansion of lending programs in an effort to shield the economy from the coronavirus pandemic. 

Heading into Monday’s trading session, futures for the Dow Jones industrial average climbed 100 points, after briefly falling more than 5% overnight, triggering an automatic shock absorber. Standard & Poor’s 500 futures were virtually unchanged, paring losses after falling more than 3%.

The Fed said it plans to purchase an unlimited amount of Treasurys and mortgage securities in a bid to support financial markets. It also said that it would purchase commercial mortgage-backed securities.

The Fed also said it will purchase agency commercial mortgage-backed securities as part of an expansion in its asset purchases, known in the market as quantitative easing. 

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