NEW YORK — As governments in France, Italy, Germany, Great Britain and other countries announced their respective global recovery plans, stock markets rallied on the promising news.
Major stock indexes were up 5% early this morning with the Dow Jones industrial average amassing a 520-point gain, trading 6.2% higher at 8,971.69, The Wall Street Journal reported. The S&P 500 was also up 6.2%, trading at 954.61 as was the NASDAQ composite index and the small stock Russell 2000, according to the publication.
Around the world, European indexes were trading roughly 6% higher while Asian indexes climbed as well.
The market rally followed the announcement from 15 countries that agreed to back bank loans through 2009 and allow governments to buy stock in distressed financial companies, the Journal reported.
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