World stock markets rose Thursday as investors welcomed a move by major central banks to supply funds to Europe's ailing banking system.

In New York, the Dow Jones Industrial Average closed up 186 points — 1.7 percent — to 11,433 and the Standard & Poors 500 was 20 points higher to end the day at 1,209. The NASDAQ rose 35 points — 1.3 percent — to 2,607.

Major European stock indexes were also sharply higher. London's FTSE was 111 points higher — 2.1 percent — to 5,338. The Paris CAC 40 index rose 96 points — 3.3 — percent to 3,046 and Frankfurt's DAX index gained 168 points — 3.2 percent — to 5,508.

New York gold closed down $45 to $1,778.50 an ounce.

The dollar was higher against the euro and yen.