Traders work on the floor of the New York Stock Exchange Wednesday, Nov. 30, 2011. Stocks soared in morning trading Wednesday after major central banks acted together to support the global financial system by cutting short-term borrowing rates. (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Wednesday, Nov. 30, 2011. Stocks soared in morning trading Wednesday after major central banks acted together to support the global financial system by cutting short-term borrowing rates. (AP Photo/Richard Drew)
Traders work on the floor of the New York Stock Exchange Wednesday, Nov. 30, 2011. Stocks soared in morning trading Wednesday after major central banks acted together to support the global financial system by cutting short-term borrowing rates. (AP Photo/Richard Drew)
Trader Warren Meyers, left, works on the floor of the New York Stock Exchange Wednesday, Nov. 30, 2011. Stocks soared in morning trading Wednesday after major central banks acted together to support the global financial system by cutting short-term borrowing rates. (AP Photo/Richard Drew)
Specialist Michael McDonnell, right, works with traders on the floor of the New York Stock Exchange Wednesday, Nov. 30, 2011. Stocks soared in morning trading Wednesday after major central banks acted together to support the global financial system by cutting short-term borrowing rates. (AP Photo/Richard Drew)
Stocks are soaring at midday after the world's major central banks took joint action to ease banks' access to dollars, reducing fears of a global credit crisis.
The Dow Jones industrial average is up 424 points, or 3.7 percent, at 11,980. The Standard & Poor's 500 index is up 43, or 3.6 percent, at 1,238. The Nasdaq composite index is up 91, or 3.6 percent at 2,606.
The central banks of Europe, the U.S., Britain, Canada, Japan and Switzerland cut short-term borrowing rates for banks to borrow dollars Wednesday. European banks need dollars to pay for daily operations. They have faced a funding squeeze because investors fear a default by a European nation might topple one or more banks.
A move by China to increase credit flows also lifted markets.
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