Stocks see best week in 45 years after latest Fed rescue
Wall Street closed out its best week in 45 years on Thursday after the Federal Reserve launched its latest titanic effort to support the economy through the coronavirus outbreak. The central bank announced programs to provide up to $2.3 trillion in loans to households, local governments and businesses as the country tips into what economists say may be the worst recession in decades. It’s the latest unprecedented move by the Fed, which has rushed to ensure cash gets to parts of the economy that need it after markets got snarled by a rush of investors pulling cash out of the system.The stock market is not the economy, and that distinction has become even more clear this week. The S&P 500-stock index rose 1.4% Thursday, the same day the government announced 6.6 million Americans applied for unemployment benefits last week as layoffs sweep the nation. For the week, the S&P 500 jumped 12.1%, its best performance since late 1974. (Markets will be closed for Good Friday.)Billions “disbursed” in relief loans? Small businesses say “not yet”Federal stimulus checks expected to start within daysStock investors are continuously looking ahead to where the economy will be a few months or more in the future.