Stocks Surge After Central Bank Action; Dow Breaks 12,000

Stocks rallied sharply after global central banks announced a plan to support the global financial system and China said it would loosen monetary policy.

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Stocks rise on hopes for European bank plan

[AP] – Signs that Europe will finally take bold steps to curb its financial crisis sent stocks higher Wednesday. The battered euro also soared against the dollar and the Japanese yen.
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Mad at bank fees? Credit unions get another look

[AP] – Credit unions are basking in the spotlight again. Whenever a big bank rolls out a controversial fee, customers start fuming about taking their business elsewhere and the attention often falls on credit unions.
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Asian markets rally after European bank decision

[AP] – A decision by European central banks to support the region’s financial system helped calm Asian markets, setting off a rally across the region in Friday trading.
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Euro, bank stocks hit by Greek default fears

[AP] – Mounting fears over the possibility of a Greek debt default and further signs of division within Europe’s policymaking circles over how to deal with the country’s crippling debt crisis combined Monday to send the euro to seven-month lows against the dollar and bank stocks plunging.
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Central bank action eases Europe’s crisis, for now

[AP] – The European Central Bank pulled Italy and Spain back from immediate financial disaster on Monday, driving down the countries’ dangerously high interest rates by buying up billions of euros worth of their bonds on the open market.
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JPMorgan investment bank has surprise gains in 2Q

[AP] – JPMorgan Chase surprised Wall Street Thursday with a sharp increase in investment banking income at a time when other banks are warning of layoffs because of a slowdown in trading.
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Euro ticks up, Aussie dips as central bank holds rates

[Reuters] – The euro ticked up in Asia on Tuesday, steadying from a slide after the Eurogroup chairman said the common currency was overvalued, while the Australian dollar dipped after the central bank kept interest rates steady.
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BNY Mellon Appointed as Successor Depositary Bank by Cherkizovo Group

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Regulators close small Ill. bank; makes 23 in 2011

[AP] – Regulators on Friday shut down a small bank in Illinois, raising to 23 the number of U.S. bank failures this year after the limping economy and mounting soured loans felled 157 banks in 2010.
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