Stocks Jumped on Easing Hopes

Stocks jumped on Thursday amid reports of possible action by global central banks. The Dow Jones Industrial Average jumped 155.53 points, or 1.24%, to 12,651.91. The S&P 500 Index added 14.22 points, or 1.08%, to 1,329.10. The Nasdaq Composite climbed 17.72 points, or 0.63%, to 2,836.33.

Central banks from major economies stand ready to stabilize financial markets and prevent a credit squeeze should the outcome of Greek elections on Sunday cause tumultuous trading, G20 officials told Reuters.

The Bank of England and the Chancellor of the Exchequer are working on new policies to support the British economy, BoE governor Mervyn King said Thursday.

Nokia Corp. warned Thursday that its cellphone business is quickly deteriorating and that it will cut 10,000 workers, a setback that threatens partner Microsoft Corp.’s mobile aspirations.

Crude futures rose Thursday on thinking the Federal Reserve would take further action to bolster economic growth and OPEC left its production ceiling as is. Crude futures rose Thursday on thinking the Federal Reserve would take further action to bolster economic growth and OPEC left its production ceiling as is.