Dow Jones ended Thursday 1.2% higher after the U.S. Federal Reserve revealed its latest program designed to buttress local governments and businesses crushed by moves to slow the coronavirus outbreak.

At the closing bell, the Dow Jones Industrial Average stood at 23,715.05, up 1.2%.

The broad-based S&P 500 advanced 1.4% to 2,789.47, while the tech-rich Nasdaq Composite Index added 0.8% at 8,153.58.

In the $2.3-trillion package, the Fed has said it would work with banks to offer four-year loans to companies of up to 10,000 employees and directly buy bonds of states and more populous counties and cities.