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Stocks open higher after Fed moves again to support economy

Traders work during the opening bell at the New York Stock Exchange (NYSE) on March 19, 2020, at Wall Street in New York City. - Wall Street stocks fell again early Thursday as central banks unveiled new stimulus measures and US jobless claims showed an initial hit from the slowdown generated by the coronavirus outbreak. (Photo by Johannes EISELE / AFP) (Photo by JOHANNES EISELE/AFP via Getty Images)

NEW YORK — Stocks are opening higher on Wall Street after the Federal Reserve launched its latest aggressive effort to support the economy through the coronavirus outbreak.

The S&P 500 rose 1% early Thursday, adding to a stellar week for the market.

The central bank said it took actions to provide up to $2.3 trillion in loans to households, local governments and small and large businesses as the country tips into what economists say may be the worst recession in decades.

The Fed’s actions came as welcome news just as the government reported that another 6.6 million people applied for unemployment benefits last week.

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