The Federal Reserve has bought bonds of Apple, Verizon, and others in an effort to support the corporate-debt market. In total, the Fed identified 794 companies whose bonds it will buy directly. Other companies include AT&T, 3M, Abode, and Volkswagen.
The Federal Reserve has spent $428 million so far.
The Fed is buying corporate debt in response to the coronavirus pandemic and economic shutdown which brought nearly all of the U.S. to a standstill between March and May. It plans to purchase up to $250 billion of debt. It will also purchase up to $500 billion in newly issued bonds.
The Fed accumulated a total of $8.7 billion in corporate debt through the middle of last week.
The U.S. has seen a dramatic rise in coronavirus cases recently and the nation's total known infection count is over 2.5 million, with nearly 126,000 deaths. Global cases stand at over 10 million, according to Johns Hopkins.
Investors are wary of a second wave and the impact on the market and companies should states slow down reopenings.
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