Fed announcement lifts stocks off lows

Fed announcement lifts stocks off lows

Dow Jones Industrial Average rises 157 pointsFed to buy corporate bondsThe 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 gainShares 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.Subscribe to CNBC PRO for exclusive insights and analysis, and live business day programming from around the world.

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