Ford Shares Surge After the Fed Backstops New Corporate Debt
Shares of Ford Motor Company (NYSE: F) were rising on Thursday after the U.S. Federal Reserve expanded a corporate-lending program to include companies with credit ratings that have been downgraded recently to just below investment-grade status. Ford is one of those companies.
As of noon EDT, Ford's shares were up about 9.2% from Wednesday's closing price.
As part of a series of moves to help support the U.S. economy through the coronavirus pandemic, the Fed expanded a corporate-debt guarantee program to include so-called "fallen angel" companies.
Source Fool.com
