The bond-buying plan from the European Central Bank buoyed up international speculators today.
Secure in the knowledge that damage done by their demands on governments for high yields on loans would now be repaired with taxpayers' cash, the traders rushed back to the markets.
ECB president Mario Draghi had unveiled a commitment yesterday to buy unlimited amounts of short-term bonds from euro countries that request help if the markets drove the cost of borrowing up.
So far the plan is working - for speculators at least. Stocks have risen 0.8 per cent in Germany, 1.3 per cent in France and the FTSE 100 was up 0.2 per cent.
And Wall Street was happy too. Yesterday, the S&P was at its highest level since January 2008, and the Dow at its highest since December 2007.
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