The NASDAQ just exploded to a record high of 9,924.
All as investors remain optimistic about the reopening U.S. economy after weeks of coronavirus lockdowns. And as the Federal Reserve announces plans to expand its lending programs.
New York City, for example, just entered phase one of its reopening plans allowing construction and manufacturing to restart and for retailers to open their doors for curbside and in-store pickups and drop-offs. Meanwhile, the Federal Reserve announced plan to expand its lending programs to further help struggling small businesses.
The Federal Reserve Board expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. The Board expects the Main Street program to be open for lender registration soon and to be actively buying loans shortly afterwards.
“Supporting small and mid-sized businesses so they are ready to reopen and rehire workers will help foster a broad-based economic recovery,” Federal Reserve Chair Jerome H. Powell said. “I am confident the changes we are making will improve the ability of the Main Street Lending Program to support employment during this difficult period.”