U.S. stocks cap best week since 1974 due to latest lift from Fed

U.S. stocks capped its best week in 45 years on Thursday after the country’s Federal Reserve launched its latest titanic effort to support the economy from fallout due to the coronavirus pandemic.

The S&P 500  rose 1.4 percent. For the week, the S&P 500 climbed 12.1 percent, its best performance since late 1974, according to the CBS News.

The Dow Jones Industrial Average gained 285.80 points, or 1.2 percent, to 23,719.37. The Nasdaq Composite ended 0.8 percent higher at 8,153.58.

The U.S. stock market will be shut on Friday due to Good Friday.

The U.S. central bank announced programmes to provide up to $2.3 trillion in loans for households, local governments, and businesses as the country tips into what economists expect might be the worst recession in decades.

This is the latest unprecedented move by the Fed, which has rushed to ensure cash gets to parts of the economy that need it.

Last week, the U.S. government announced 6.6 million Americans applied for unemployment benefits  as layoffs sweep the nation due to the virus crisis.