Central Banks boost liquidity

A massive pop in the indices on the bank of the liquidity boost. I was too slow to get on the Euro dollar sadly, but I know a few who did and cleaned for the day. Stocks are up huge as I write with the DOW above 400 points up for the day. The stock market has made back 10 days worth of losses in pretty much 3 days. Who said stocks drop faster then they rise, this week the opposite is true!

(from Bloomberg)Stocks and the euro rallied after six central banks acted together to make additional funds available to banks to help ease strains from Europe’s debt crisis. Treasuries fell while the German one-year yield sank below zero for the first time.
The Standard & Poor’s 500 Index gained 2.8 percent to 1,228.46 at 9:41 a.m. in New York and the Stoxx Europe 600 Index surged 2.7 percent. The euro strengthened 1.2 percent to $1.3480. The three-month cross-currency basis swap, the rate banks pay to convert euro payments into dollars, was 134 basis points below the euro interbank offered rate after earlier reaching a three-year high of 163. Oil jumped above $101 a barrel and copper rallied 4.3 percent.
The central banks of the U.S., the euro region, Canada, the U.K., Japan and Switzerland agreed to cut the cost of providing dollar funding via swap arrangements, the Federal Reserve said, and agreed to make other currencies available as needed. China said earlier today it will cut the reserve requirement ratio for banks by 0.5 percentage points from Dec. 5.
“I’m in a better mood today than I’ve been in a while,” Burt White, who helps oversee about $315 billion as chief investment officer at LPL Financial Corp. in Boston, said in a telephone interview. “This coordinated effort is a huge one. It is not a European problem, it’s a global problem. If we don’t get Europe solved, it’s going to send pretty big ripples across the globe. We really could see some upside for the market, if this momentum continues.”