Stocks closed higher for the fourth straight day after central banks in Europe and the U.S. moved to support European banks. Gold dropped and Treasury yields rose Thursday as traders sold the safest investments. Stock markets in Germany and France jumped.
The European Central Bank, the Federal Reserve and three other central banks said they would loan European banks dollars in three installments. Worries that European banks would struggle to borrow dollars have hung over markets in recent weeks.
The Dow Jones industrial average rose 186.45 points, or 1.7 percent, to close at 11,433.18.
The S&P 500 index rose 20.43 points, 1.7 percent, to 1,209.11
The Nasdaq composite rose 34.52 points, 1.3 percent, to 2,607.07
For the week:
The Dow is up 441.05 points, or 4 percent.
The S&P 500 index is up 54.88, or 4.8 percent.
The Nasdaq composite index is up 139.08 points, or 5.6 percent.
For the year to date:
The Dow is down 144.33, or 1.2 percent.
The S&P 500 is down 48.53, or 3.9 percent.
The Nasdaq is down 45.80, or 1.7 percent.