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Stocks set to rise as Fed provides $2.3 trillion to support economy

U.S. stocks reversed course and were poised to open higher Thursday after the Federal Reserve said it would provide $2.3 trillion in support for the economy, an effort to further combat the economic damage from the coronavirus pandemic.

Futures for the Dow Jones industrial average rose 450 points, while Standard & Poor’s 500 futures gained 1.5%. The broad index has jumped nearly 23% in the past two and a half weeks, driven by massive amounts of aid promised by governments and central banks for the economy and markets.

The Federal Reserve on Thursday announced a new $600 billion lending program for midsize businesses in an effort to help thousands of additional firms as part of $2.3 trillion in new funding actions designed to offset the negative impact of the coronavirus pandemic on the economy. 

Under the Main Street Lending Program, the Fed said it will offer loans to companies with up to 10,000 workers and less than $2 5 billion in revenue. 

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