What's happening: The Fed disclosed hundreds of millions of dollars in purchases of individual corporate bonds on Sunday, while identifying nearly 800 eligible issuers whose bonds it could buy down the line.
The action by the Federal Reserve has been lauded by investors for easing conditions in credit markets after they rapidly deteriorated in March, avoiding a potentially catastrophic corporate cash crunch that could have triggered a wave of bankruptcies.
The policy has proved"remarkably powerful" to fight this crisis, Goldman Sachs said. But it's not clear the Fed should use it as a regular tool to fight future recessions, per the investment bank. "It is unlikely that the cost-benefit tradeoff will be quite as favorable in the next recession," Goldman Sachs said.
The latest: Facebook shares plunged more than 8% on Friday, logging their worst day since March. They're down nearly 4% in premarket trading.CEO Mark Zuckerberg announced an expanded policy on hate speech Friday, which includes banning ads that scapegoat minorities, immigrants and asylum seekers. Facebook will also apply warning labels to user posts that are newsworthy but violate the platform's policies.
Chesapeake was once the nation's number two natural gas producer thanks to early bets on fracking. Aubrey McClendon, Chesapeake's late founder and CEO, was considered one of the leaders of the shale boom that transformed the United States into the world's largest oil and natural gas supplier.
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