All morning, Dow futures pointed to a miserable start at the opening bell. But the Federal Reserve just reversed that with what the Wall Street Journal calls a "major expansion of lending programs." Instead of diving 600 points, the Dow is projected to jump about 400 points or more, per CNBC. The AP describes "a series of sweeping, aggressive steps" in which the Fed "will lend to small and large businesses and local governments as well as extend its bond buying programs." The Washington Post calls it an "unlimited expansion of bond purchasing programs."
What the Fed says: “While great uncertainty remains, it has become clear that our economy will face severe disruptions,” per a Monday morning statement. "Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.” Elsewhere, European stocks opened lower, and most in Asia did as well. One exception was in Japan, where markets closed about 2% higher, reports CBS News. The main reason? Investors apparently were happy the International Olympic Committee is talking about postponing, rather than canceling, the summer Games. (Read more stock market stories.)