From the WSJ:
A little coordination can go a long way. After the Federal Reserve and five other central banks on Wednesday announced a joint effort to support the global financial system, stock markets around the world zoomed. The Dow Jones Industrial Average jumped 4.2 percent, its largest one-day spike since March 2009.... Even though the central bank intervention has eased short-term concerns, the European common currency's long-term picture remains cloudy, says Gary Richardson, an economics professor at the University of California, Irvine. "Central banks around the world don't have many arrows left in the quiver," he says. "It looks like they hit the bull's-eye for now, but what happens if that optimism fades?"

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