Wall Street rallies on cheap U.S. dollar loans for Europe as the Dow Jones Industrial Average soared 490 points. Mark Lasseigne has your market report on today's Acadiana Business Index.

 

 
  • Markets surged, as the US Federal Reserve, and other central banks agreed to provide cheap, U.S. dollar loans to banks in Europe.
 
  • Shares of large U.S. banks did especially well today. Bank of America gained 7.3%, JP Morgan Chase up 8.4%, and Citigroup rallied 8.9%, while Morgan Stanley surged 11.1% and Goldman Sachs added 7.9%
 
  • Chinese authorities, in a move that appeared to be separate and uncoordinated, also sought to ease lending conditions by reducing the amount of reserves that Chinese banks need to hold with the central bank.
 
  • Additionally, a private report by ADP, said jobs in the U.S. rose by 206,000, well ahead of the gain economists had expected. The report is viewed as a preview for the government's jobs report, due on Friday.
 
  • Along with stocks, commodities climbed higher.
 
  • Crude oil closed at $100.36 a barrel,
 
  • Gold settled at $1,755 an ounce.