Stocks, oil, and bitcoin surge after Fed boosts coronavirus stimulus

Brendan McDermid/Reuters

• Stocks, oil, and bitcoin rallied on Tuesday as investors cheered the Federal Reserve’s sweeping stimulus measures.
• The central bank pledged to buy Treasuries and other assets “in the amount needed,” and roll out credit facilities for consumers, businesses, and towns and cities.
• “The risk is that these policy measures are as addictive as opioids, and that the cure turns out to be worse than the disease,” one analyst cautioned.
• The Senate’s failure to agree on an economic relief package for a second day weighed on market sentiment.
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Stocks, oil, and bitcoin rallied on Tuesday after the Federal Reserve unveiled a sweeping set of measures to shore up the US economy against the novel coronavirus. However, investors’ enthusiasm was tempered by the Senate’s failure to advance a major stimulus package for a second day on Monday.

The central bank committed to buying Treasuries and mortgage-backed securities…