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Move by central banks exhilarates Wall Street
A move by the world’s central banks to lower the cost of borrowing exhilarated investors yesterday, 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 and the seventh-largest of all time.
Large US banks were among the top performers, jumping as much as 11 percent. Markets in Europe surged, too, with Germany’s DAX index climbing 5 percent.
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