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Stocks Up After Central Banks Unite To Help Eurozone

Agnus Dei Farrant |
November 30, 2011 | 9:21 p.m. PST

Executive Producer

Eurozone (photo courtesy of Creative Commons).
Eurozone (photo courtesy of Creative Commons).
Stocks worldwide rose Wednesday after central bankers announced they would try to contain the European debt crisis, The New York Times reported. The banks came together to ensure commercial banks wouldn't be undermined by market worries over the crisis, according to The Economic Times.

The three main indexes on Wall Street rose 4 percent or more and the Dow Jones industrial average rose 490.05 points. The Dow Jones rise was the largest gain since March 23, 2009, the NYT reported.

The central banks of the U.S., eurozone, Britain, Japan, Canada and Switzerland announced they would reduce by about half the cost of a program under which banks in foreign countries borrow dollars from their own central banks, which in turn get those dollars from the Federal Reserve, the NYT reported.

Some analysts said that the banks' action addressed only some symptoms of the financial crisis, so this attempt may fail.

"It helps to prop up the banks for a while which is going to buy time for Europe to fix the problem," Burt White, the chief investment officer for LPL Financial, told the NYT. "This is basically a Band-Aid."

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