Dow Jones starts the session higher as six central banks announced joint action to help the provision of the liquidity of the dollar. Bank of Canada, Bank of Japan, Bank of England, European Central Bank, the Fed, and the Swiss National Bank said they would be using standing US dollar liquidity swap line arrangements. The central banks have agreed to increase the frequency of 7-day maturity operations from weekly to daily. These operations will start on Monday, March 23, and will continue at through the end of April.
IMF said that there are signs of recovery in China’s economy after the peak of infections has passed, although the risk of returning coronavirus cases remains high.
Coronavirus confirmed cases top 232,000 while death toll rises to 10,000, according to John Hopkins University. Meanwhile, California residents ordered to stay at home indefinitely in a bid to battle the coronavirus spread.
Dow Jones boosted by Travelers Cos. Inc. +8.53% at 93.40, McDonald’s Corp. +6.57% at 159.38, American Express Co. +6.47 at 82.03 and Chevron Corp. +4.39% at 59.85. The volatility index (VIX) of the CBOE is 13.55% lower at 58.44.