Stocks were gaining today after the Federal Reserve announced another rounding of funding to help shore up the economy. The central bank said it would provide $2.3 trillion in loans, including $600 billion as part of its Main Street Lending Program, designed to support small and medium-sized businesses with up to 10,000 employees and up to $2.5 billion in revenue.
Investors saw the announcement as a bullish sign for the recovery, and sent stocks up broadly. Hard-hit retailers were among the biggest winners, as the Fed helped assuage fears of potential bankruptcies and mass store closures. As of 12:21 p.m. EDT, today's winners included Under Armour (NYSE: UAA) (NYSE: UA), which was up 7.9%; Foot Locker (NYSE: FL), which had gained 12.1%; Urban Outfitters (NASDAQ: URBN), which was 7.7% higher; and Ralph Lauren (NYSE: RL), which rose 8%. At the same time, the S&P 500 was up 1.9%.
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