Fed action cheered, futures soar

S&P: +28.40 Dow: +225 Nas: +29.80

Futures are now soaring after the Federal Reserve announced some creative measures this morning to inject liquidity into troubled credit markets. Creation of a lending facility that provides an additional $200 billion for up to 28 days to dealers that also expands the kinds of allowed collateral.
Coordinated efforts with other central banks, including Canada and the EU, bolsters confidence that the Fed finally has a grip on the appropriate actions necessary to finally see some light at the end of the credit crisis tunnel.