Signs of Easing Credit and Stimulus Talk Lift Wall Street

After weeks of extraordinary efforts by the world’s governments and central banks, the frozen flow of credit began to thaw on Monday.The tentative re-emergence of trust among lenders — a rare commodity of late — raised hopes that the immediate financial pressures on banks, businesses and municipalities could ease somewhat, cushioning the blow of a likely recession.
That encouraging signs appeared at all was enough to bring a wave of relief to Wall Street, where the Dow Jones industrial average rose 413 points, or 4.7 percent. As recently as last Friday, it was far from certain how quickly the unprecedented moves to unlock global credit, including the partial nationalization of some of the world’s biggest banks, would make a difference.
“Fear really appears to have receded considerably,” said John V. Miller, the chief investment officer of Nuveen Asset Management.......