FILE - In this Sept. 12, 2011 file photo, traders work on the floor of the New York Stock Exchange, in New York. Markets were calmed Thursday, Sept. 15, 2011, by growing expectations that Greece will not be defaulting on its debts anytime soon and will get the next batch of rescue funds due from its international bailout package. (AP Photo/Henny Ray Abrams, File)
FILE - In this Sept. 12, 2011 file photo, traders work on the floor of the New York Stock Exchange, in New York. Markets were calmed Thursday, Sept. 15, 2011, by growing expectations that Greece will not be defaulting on its debts anytime soon and will get the next batch of rescue funds due from its international bailout package. (AP Photo/Henny Ray Abrams, File)
NEW YORK (AP) ? Stocks rose sharply early Thursday after central banks in Europe and the U.S. announced a joint move to support European banks.
The European Central Bank, the U.S. Federal Reserve and three other central banks said Thursday they would provide European banks with dollars in three loan installments.
Worries that European banks would struggle to raise dollars in short-term credit markets have hung over banks in recent weeks.
At 9:57 a.m., the Dow Jones industrial average is up 96 points, or 0.9 percent, to 11,347. The S&P 500 index is up 10 points, or 0.9 percent, to 1,198. The Nasdaq is up 18 points, or 0.7 percent, to 2,591.
The Federal Reserve said early Thursday that factory output rose 0.5 percent in August, after increasing 0.6 percent in July. Autos and related products increased 2.6 percent, evidence that supply chain disruptions stemming from the Japan earthquake continued to ease.
In early trading, the Swiss bank UBS plunged 9 percent on news that a trader could cost the bank as much as $2.2 billion. Switzerland's largest bank warned that it could post a loss for the quarter as a result of the unauthorized trade.
Netflix fell 12 percent, the biggest drop among stocks in the S&P 500 index, after the company said it expects fewer people to subscribe to its DVD-by-mail service as well as its streaming movie service.
A show of support by Germany and France for Greece lifted stocks on Wednesday. The Dow has jumped 3 percent over three straight days of gains but is still down 1.9 percent for the month.
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