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.