Dow soars 490 points on banks’ “bold move”
Morgan Stanley rose 10 percent and Citigroup Inc. 8.2 percent. Banking doubts — and the reluctance of the European Central side to intervene — partake of caused borrowing tax in support of European nations to skyrocket. Wednesdays decision greatly alleviated fears by acerbic short-term borrowing charge to banks, giving them much easier access to money. But borrowing overheads stay exceptionally sharp pro indebted countries such when Italy and Spain.