Markets

Here's what happened to the stock market on Thursday

US Federal Reserve Chairman Jerome Powell speaks during a press conference after a Federal Open Market Committee meeting in Washington, DC on July 31, 2019.
Andrew Caballero-Reynolds | AFP | Getty Images

Dow Jones Industrial Average jumps 285 points

The Dow rallied 285.80 points, or 1.22%, to close at 23,719.37. The S&P 500 advanced 1.45% to 2,789.82 The Nasdaq Composite gained 0.77% to 8,153.58. Stocks rallied to end a historic week of gains after the Fed unveiled even more measures to help the economy during the coronavirus outbreak.

More Fed plans

The Fed announced as slew of programs, including loans geared towards small and medium sized businesses, that will total up to $2.3 trillion. The central bank also gave more details on its plans to buy investment-grade and junk bonds. Those moves were enough to overshadow another massive spike in weekly jobless claims.

JPMorgan leads Dow, big tech falls

JPMorgan Chase was among the best-performing Dow stocks, rising 8.97%. Shares of Amazon, Netflix and Alphabet all closed slightly lower.

What happens next?

The corporate earnings season is set to begin next week, with JPMorgan Chase and Wells Fargo among the companies reporting on Tuesday. Markets will be closed on Friday for the Good Friday holiday.

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