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U.S. Stocks Continue Rally After Coordinated Bank Move
Sep 16,2011 08:56CST
industry news
Source:SMM
U.S. stocks continued their rallies in morning trading on Thursday after major central banks agreed to inject dollar liquidity to the market in an coordinated effort.

NEW YORK, Sept. 16 (Xinhua) -- U.S. stocks continued their rallies in morning trading on Thursday after major central banks agreed to inject dollar liquidity to the market in an coordinated effort.

The European Central Bank said on Thursday that it would lend eurozone banks dollars in three separate three-month loans to ensure they had sufficient funding until the end of the year.

"The Governing Council of the European Central Bank has decided, in coordination with the Federal Reserve, the Bank of England, the Bank of Japan and the Swiss National Bank, to conduct three U.S. dollar liquidity-providing operations with a maturity of approximately three months covering the end of the year," the ECB said in a statement.

ECB's statement came one day after a show of support to debt-burdened Greece by German and French leaders.

German Chancellor Angela Merkel and French President Nicolas Sarkozy issued a joint statement following a conference call with Greek Prime Minister George Papandreou, saying Greece was an "integral" part of the bloc that uses the euro.

With all eyes on Europe right now, lack-luster economic reports in the United States, including higher initial jobs claims and higher inflation index, had little effect on the market.

The Dow Jones industrial average gained 83.59 points, or 0.74 percent, to 11,330.32. The Standard & Poor's 500 jumped 8.82 points, or 0.74 percent, to 1,197.50 and the Nasdaq Composite Index rose 16.98 points, or 0.66 percent, to 2,589.53.
 

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