Stock open sharply higher on bank support plan

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NEW YORK (AP) — Stocks are opening higher 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.

Shortly after the opening bell, the Dow Jones industrial average is up 95 points, or 0.8 percent, to 11,339. The S&P 500 index is up 10 points, or 0.9 percent, to 1,199. The Nasdaq is up 20 points, or 0.8 percent, to 2,592.

The Swiss bank UBS plunged 10 percent in early trading on news that a trader could cost the bank $2.2 billion.