warning Hi, we've moved to USCANNENBERGMEDIA.COM. Visit us there!

Neon Tommy - Annenberg digital news

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."



Reach executive producer Agnus Dei Farrant here.

Best way to find more great content from Neon Tommy?

Or join our email list below to enjoy Neon Tommy News Alerts.



Craig Gillespie directed this true story about "the most daring rescue mission in the history of the U.S. Coast Guard.”

Watch USC Annenberg Media's live State of the Union recap and analysis here.