Fed, central banks move to boost global confidence

NEW YORK (AP) -- The Federal Reserve is teaming up with other central banks around the world to pump another 180 billion dollars into the global market.

The hope is that a worsening credit crisis will be eased, and banks will start opening up their ever-tightening purse strings. Markets around the world, which have been tanking all week, seem to be responding.

Asian markets ended the day down again, though they did rebound from bigger losses at the start of the day. European markets are up and Wall Street seems headed in that direction.

Confidence has waned as massive foreclosures and reduced consumer spending finally sent the U.S. economy tumbling.

About 700 billion dollars in investments vanished with yesterday's plunge on Wall Street.

(Copyright 2008 by The Associated Press. All Rights Reserved.)


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