Stock Market Indexes Up 4% at the Close
Stocks rallied in the United States on Wednesday after the Federal Reserve and
other central banks took action to try to contain the debt crisis in the euro
zone, with market indexes gaining more than 4 percent and the Dow Jones
industrial average ending up 489 points.
As the exuberance set in, bond prices fell, as did swap rates, reflecting the
decline in the cost of obtaining dollars. Commodity prices rallied and financial
shares also benefitted as funding pressures appeared to ease.
But analysts noted that the move, which is meant to ensure that European banks
have funding amid the sovereign debt crisis, addressed the symptoms and not the
root causes.
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http://www.nytimes.com/?emc=na
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