A move by the world's central banks to lower the cost of borrowing exhilarated investors Wednesday, sending the Dow Jones industrial average soaring 490 points and easing fears of a global credit crisis similar to the one that followed the 2008 collapse of Lehman Brothers. It was the Dow's biggest gain since March 2009.
The Dow Jones industrial average rose 490.05 points, or 4.2 percent, to close at 12,045.68.
The Standard & Poor's 500 index rose 51.77, or 4.3 percent, at 1,246.96
The Nasdaq composite index rose 104.83, or 4.2 percent, at 2,620.34
For the week to date:
The Dow Jones industrial average is up 813.90 points, or 7.3 percent.
The Standard & Poor's 500 index is up 88.29, or 7.6 percent.
The Nasdaq composite index is up 178.83, or 7.3 percent.
For the year to date:
The Dow is up 468.17 points, or 4 percent.
The S&P 500 is down 10.68, or 0.9 percent.
The Nasdaq is down 32.53, or 1.2 percent.