NEW YORK - (AP) - A coordinated move by the world's central banksto ease borrowing costs sent stocks shooting higher. The Dow Jonesindustrial average jumped 490 points, its biggest gain since March2009.
The central banks of Europe, the U.S. and other major economicpowers agreed to give banks cheaper access to loans in U.S.dollars. The move aims to avert a credit crisis similar to the onethat followed the 2008 collapse of Lehman Brothers.
The Dow rose 4.2 percent to close at 12,045.
The Standard & Poor's 500 closed up 52, or 4.3 percent, at1,247. The Nasdaq composite index closed up 105, or 4.2 percent, at2,620.
Seven stocks rose on the NYSE for every one that fell. Volumewas heavy at 5.7 billion shares.