Source: Maureen Farrell / CNN Money
NEW YORK – Investors around the world raced to scoop up stocks on Wednesday, after the Federal Reserve said it will work with other central banks to support the global economy.
All three major stock indexes closed the day up more than 4%, but only the Dow managed to move into positive territory for the year and the month.
The central banks’ coordinated market intervention gave investors hope that world leaders could take necessary steps to avoid a credit crunch or market paralysis stemming from Europe’s sovereign debt crisis.
“It’s the first time we’ve seen this type of global coordination since November 2008,” said Michael James, a senior equity trader at Wedbush Morgan. “The degree of coordination sends a message to the markets that global leaders are going to do whatever they need to do to instill confidence in the markets.” (Read: Welcome to the Great Global Easing)
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