Stock markets surged around the world thanks to a quick succession of promising economic news announcements, including a new effort by central banks to help struggling European economies, the LA Times reports..
The Dow Jones industrial average rose 390.76, or 3.4% to 11,946.39 immediately after the opening bell. Leading indexes were up 4.2% in Germany and 3.3% in France. The good news began flowing in last night when China announced that it would lower the amount of money that banks have to hold in reserve. This should help stimulate the economy by making banks more willing to lend.
As European markets opened, the Federal Reserve, the European Central Bank and three other central banks unveiled a new program to increase access to dollars for struggling European banks. The move is designed to make it easier for European banks to access funds at a time when fears about the European debt crisis have led to a freeze in liquidity….
Read more at http://latimesblogs.latimes.com/money_co/2011/11/stocks-surge-good-news-jobs-europe-china.html
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