The U.S. Federal Reserve on Monday said it will implement aggressive steps to assist households and businesses amid expectations that the economy will face “severe disruptions” as a result of the coronavirus pandemic.
The tools, which are introduced to maintain credit flow and keep financial markets functioning, include new lending facilities for up to $300 billion in the form of U.S. government-backed loans, loan guarantees and bond purchases.
“The coronavirus pandemic is causing tremendous hardship across the United States and around the world,” the Federal Reserve said in a statement.
The Fed rescue package did not help lift U.S. stock markets on Monday after investors suffered huge losses last week. The Nasdaq (NDAQ) Composite dropped almost 10% in late morning trading. See TipRanks’ Insiders’ Hot Stocks tool to find bargain-value buys that insiders have scooped up in recent days.
Six out of ten analysts see the Nasdaq stock as a Buy, making the consensus a Moderate Buy with an average price target of $113.90.