The Federal Reserve announced plans to avail an additional $500 billion in repo operation to support the short-term bank funding amid the coronavirus crisis. This is in addition to $1.5 trillion which was released last week by the bank.
After suffering the worst one-day drop on Monday since the crash of 1987, Dow Jones fell during market open after the Fed announced it is looking to reinstate the Commercial Paper Funding Facility (CPFF). Commercial Paper Funding Facility (CPFF) is a system created by the Fed during the global financial crisis back in 2008 to improve liquidity in the short-term funding markets.
As of Tuesday, there were 5,234 cases of the coronavirus in the United States, the authorities said. In the 24-hour period, 580 have been discovered to be infected. At the same time, there were eight COVID-19-related deaths, bringing the death toll to 94.
Stocks in the News
American biotech firm Regeneron revealed it is working to develop a vaccine for the disease by summer, sending its stocks up by over 15%.
Amazon is hiring an additional 100,000 warehouse and delivery workers to address a surge in online delivery orders as a result of the coronavirus outbreak that kept most people in their homes, acording to the Wall Street Journal.
Donald Trump said his administration will “powerful support” the airline industry and other industries severely impacted by the coronavirus outbreak.
Airbus SE fell on Tuesday after the aeroplane maker announced the closure of its factories in France and Spain for the next four days, amid concerns over the coronavirus epidemic.
