Stocks closed broadly higher on Wall Street Thursday, rounding out the best week for the benchmark S&P 500 index since 1974.

Investors welcomed a new effort by the Federal Reserve to support the economy through the coronavirus outbreak. The central bank announced programs to provide up to $2.3 trillion in loans to households, local governments and businesses. The move overshadowed a report that another 6.6 million people applied for unemployment benefits last week.

U.S. stock markets will be closed for Good Friday.

On Thursday:

The S&P 500 index rose 39.84 points, or 1.4%, to 2,789.82.

The Dow Jones Industrial Average gained 285.80 points, or 1.2%, to 23,719.37.

The Nasdaq climbed 62.67 points, or 0.8%, to 8,153.58.

The Russell 2000 index of smaller company stocks picked up 55.06 points, or 4.6%, to 1,246.73.

For the week:

The S&P 500 rose 301.17 points, or 12.1%.

The Dow gained 2,666.84 points, or 12.7%.

The Nasdaq added 780.49 points, or 10.6%.

The Russell 2000 climbed 194.67 points, or 18.5%.

For the year:

The S&P 500 is down 440.96 points, or 13.6%.

The Dow is down 4,819.07 points, or 16.9%.

The Nasdaq is down 819.03 points, or 9.1%

The Russell 2000 is down 421.74 points, or 25.3%.