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Stocks rally on support plan for European banks

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NEW YORK (AP) — Stocks rallied Thursday after central banks in Europe and the U.S. announced a joint move to support European banks. Markets in Europe soared. Gold dropped and Treasury yields rose as traders moved out of the safest investments.

The European Central Bank, the U.S. Federal Reserve and three other central banks said Thursday they would provide European banks with dollars in three loan installments.

"It's a pretty powerful action," said Brian Gendreau, senior investment strategist at Cetera Financial Group. "And it's another piece of news that leads you to think the crisis in Europe could be on the road to resolution."

Worries that European banks would struggle to raise dollars in short-term credit markets have hung over banks in recent weeks. European banks hold large amounts of debt backed by governments in Greece and Italy, the cause of the region's debt crisis. Banks use those bonds as collateral to borrow dollars. Investors have worried that banks could struggle to raise money because those bonds have lost value.

At 12:15, the Dow Jones industrial average was up 115 points, or 1 percent, at 11,362. The Standard & Poor's 500 index was up 11 points, also 1 percent, to 1,200. The Nasdaq rose 17 points, or 0.7 percent, to 2,589.


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