Morgan Stanley climbed 7.6 percent and UBS AG advanced 3 percent after the Fed, European Central Bank, Bank of England, Bank of Canada and
The Bank of Japan, which didn't participate in the move, said it supported the action.
"Equity markets are looking for something, anything, to give them hope," said Tony Dolphin, director of strategy and economics at Henderson Global Investors in
"Today's coordinated interest-rate cut will help address this problem, but more will be needed," he told Bloomberg News.
Futures on the Standard & Poor's 500 Index added 2.2 percent to 1,027.90 in
Efforts by governments around the world to restore confidence in the banking system have failed to unlock credit markets and stem share declines that sent the MSCI World to the lowest level since August 2004 earlier today.
The cost of borrowing in dollars overnight in
UBS, the European bank hardest hit by credit-related losses, climbed 3 percent to 19.99 francs. Morgan Stanley, which last month opted to convert itself into a bank holding company, rallied 7.6 percent to $19 in pre-market trading.