U.S. stock futures surged on Monday, the Federal Reserve unveiled new measures to keep markets working properly.

Posted on March 23, 2020

Wall Street awaited Washington lawmakers to agree to an economic stimulus and rescue plan to cushion the blow from the coronavirus outbreak.

As of 8:18 a.m. ET, Dow Jones Industrial Average futures were up more than 400 points, or 2.4%. S&P 500 futures were up by about 2.8%. Nasdaq 100 futures traded 3.5% higher. The SPDR S&P 500 ETF was off by 0.8% in premarket trading.

One of the measures taken by the Fed were an an open-ended asset purchase program, which the central bank will run in the “amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial conditions and the economy.”