Dow Jones Industrial Average rises 157 points
Fed to buy corporate bonds
The Fed announced Monday it would buy individual corporate bonds in the secondary market. The news sent the major averages to their session highs. This latest announcement builds on that program and shows the Fed will continue to support credit markets during the coronavirus.
Big Tech rises, financials gain
Shares of major tech companies led the way higher for the broader market. Facebook gained 1.7% while Amazon and Netflix each advanced more than 1% as well. Bank shares added to the gains, with JPMorgan Chase and Citigroup both rising about 1.4%.
What happens next?
Data on U.S. retail sales and industrial production are scheduled for Tuesday. Fed Chairman Jerome Powell will testify in front of Congress.
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News of even more stimulus from the Federal Reserve sent stocks surging off their lows amid a volatile session.