Central banks in a surprise announcement Wednesday announce moves to ease strains in the global financial system. Central banks' moves should ease concerns over European banks but does not begin to solve long-term problems of European debt.
Five central banks take steps to funnel cash to eurozone commercial banks by year's end. Their aim? Avert a funding freeze – and perhaps another global banking crisis tied to bad debt.
Stocks up in Asia, Europe after Fed chairman's speech. Futures point to higher open for US stocks.
Global markets fell for the eighth day on Friday, while the US markets recovered from Thursday's plummet. As global markets drop, fear grows that the global economy could slip into another recession.