U.S. stocks rise on central banks' steps

New York-- U.S. stock indexes rebounded Wednesday after the U.S. Federal Reserve and four other central banks announced new steps to ease the global credit crunch.

The Dow Jones industrial average was up 74.21 points, or 0.55 percent, to 13,506.98 in mid-afternoon trading. It jumped more than 200 points within minutes of the opening bell.

The broader Standard & Poor's 500 Index advanced 11.27 points, or 0.76 percent, to 1,488.92.

The technology-heavy Nasdaq Composite Index rose 24.38 points, or 0.92 percent, to 2,676.73.

In London, the FTSE 100 stock index closed up 22.90 points, or 0.35 percent, at 6,559.80 after the European Central Bank joined the Fed and the other central banks in pumping liquidity into the markets.

Japan's Nikkei 225 stock index finished down 112.46 points, or 0.7 percent, at 15,932.26. Asian exchanges closed before the central banks' announcement.

The benchmark 10-year U.S. Treasury note fell 1 3/32 to yield 4.107 percent and the 30-year bond declined 1 26/32, yielding 4.572 percent.

Bond yields and prices moved in opposite directions.

The U.S. dollar rose to 111.96 yen from 110.64 yen in New York late Tuesday. The euro rose to $1.469 from $1.4653.

Copyright 2007 by United Press International.