Stock markets soared on Wednesday after the U.S. Federal Reserve and other central banks unexpectedly announced a plan to make it cheaper for banks around the world to borrow U.S. dollars -- a staple of global financial transactions.
The aim was to not only lower the cost of short-term borrowing for troubled European banks, but also to keep the global economy out of an all-out credit crunch as in 2008.
The move gave investors hope -- at least for the day -- that world leaders would continue to take necessary steps to avoid a market paralysis stemming from Europe's government debt crisis.
The Dow Jones industrial average had its best day of 2011, rising more than 480 points, or more than 4%. The S&P 500 and Nasdaq composite also jumped more than 4% apiece.
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