The Fed will buy Treasury and mortgage-backed securities in 'amounts needed to support' the economy

U.S. equity markets curbed the bulk of heavy losses Monday after the coronavirus relief bill faced more opposition from Democrats on Capitol Hill. The lack of progress outweighed another move by the Federal Reserve which announced "extensive new measures" to support the U.S. economy.


The Dow Jones Industrial Average closed down nearly 600 points or 3 percent, while the S&P 500 lost nearly 3 percent and Nasdaq Composite, in light of the selling, held up little changed.

The Dow is on pace for the worst month since September of 1931 as noted by the Dow Jones Market Data Group.

The standout was gold which posted its biggest one day percentage gain since March of 2009 closing around $1,557 an ounce.

The central bank said it would purchase Treasury securities and agency mortgage-backed securities in the "amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy." Read more at FOX News