Stocks shot up at the opening bell and sustained the rally all session long Thursday.
The reason was, in large part, news that major European central banks and the Fed said they’d provide three major loan installments to financial institutions on the continent that are teetering.
Acording to preliminary calculations, the Dow Jones industrial average closed up 186.30, or 1.66 percent, to 11,433.03. The S&P was 20.40 higher, or 1.72 percent, to 1,209.08. The Nasdaq rose 34.52, or 1.34 percent, to 2,607.07. With consumer prices basically flat and a light upturn in weekly jobless claims, one observer told the Wall Street Journal:
"The news is so bad on the jobs front (that) a lot of people are worried about the specter of stagflation rising again," said Brett Hammond, senior economist at TIAA-CREF. "I think we definitely have the 'stag-' but I don't see the '-flation' part."
Today’s major market movers can be found here.
CNBC's Bob Pisani reports on the trading day from the NYSE: