Wall Street closes higher on Fed plan to buy corporate bonds
NEW YORK (AP) — The stock market shook off a weak start and ended broadly higher after the Federal Reserve announced its latest measure to support markets. The S&P 500 closed up 0.8% Monday. It was down as much as 2.5% in the early going. Markets turned higher immediately after the Federal Reserve said it would begin buying individual corporate bonds, the central bank’s latest move to prop up volatile financial markets through the economic fallout of the coronavirus pandemic. Stocks have been volatile over the last week as worries about upticks in infections create cracks in the furious rally. Bond yields rose.
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