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The Russell 2000 gained 2.3% in early trading, as the small cap index outpaced more modest gains by the S&P 500 and Dow and slightly trailed the Nasdaq Composite. The index has fallen 41% since Feb. 19. â Pound
The Federal Reserve has taken a flurry of steps over the past several hours to shore up credit markets and keep liquidity flowing. Late Wednesday night, the U.S. central bank announced a plan that will provide loans to banks collateralized by money market funds. The move is important considering the tumult that the funds caused during the financial crisis. Then, on Thursday morning, the Fed said it will extend its currency swaps program to nine other central banks around the world as dollar demand surges. Also, the New York Fed stepped up its bond-buying program Thursday and Friday to entail $75 billion worth of Treasurys across the yield curve. Finally, New York said it will conduct an additional $10 billion worth of purchases in the mortgage-backed securities space “to address highly unusual disruptions in the market” that are “associated with the coronavirus outbreak.” â Cox
Tesla shares jumped more than 15% in Thursday trading after Morgan Stanley upgraded the stock to equal-weight from underweight. Morgan Stanley said Tesla “has sufficient liquidity and access to capital during this time.” The electric automaker’s stock lost half its value in the past month, dropping from nearly $970 per share in February to just above $400 per share currently. – Sheetz
Uber stock rose as much as 35% Thursday after the company held a call with investors and said it has plenty of cash on hand to get through the coronavirus crisis. CEO Dara Khosrowshahi said Uber is seeing growth in other areas of the business as rides fall dramatically as people stay home. Shares of Lyft, the company’s ride-sharing competitor, also rose more than 17% in the morning. – Bursztynsky