'Central banks are on their A game': Stocks, oil, and bitcoin rally as stimulus efforts temper coronavirus fears
Two crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.Markets were a sea of green on Friday as investors backed authorities to mitigate the economic fallout from coronavirus.
The Federal Reserve set up temporary access to billions of dollars to nine central banks hit by greenback shortages. Senate Republicans unveiled a $1 trillion stimulus plan that includes direct payments to American households, $200 billion in loans to struggling industries, and $300 billion in bridge loans to small businesses.
The moves followed similar efforts by the European Central Bank, the Bank of England, and other central banks this week to shore up their economies.Stocks rose, oil jumped, and bitcoin rocketed on Friday as central banks and governments' concerted efforts to fight the coronavirus assuaged investors' fears of global economic disaster.billions of dollars at negligible cost to nine central banks suffering from greenback shortages, including South Korea, Singapore, and Australia.
The US moves came after the European Central Bank, the Bank of England, and other central banks announced sweeping stimulus measures this week. Similarly, the Chinese government plans to back infrastructure investments with nearly $400 billion worth of local government special bonds,
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