Fireworks London
AP
Markets across the world staged a major rally today, and central banks are at the center of the chatter.
But first, your scoreboard:

Dow: 12,415; +287 pts; +2.37%

S&P 500: 1,315; +30 pts; +2.30%

NASDAQ: 2,845; +67 pts; +2.40%

Now for the day's top stories:

  • Markets began rallying in the pre-market after WSJ's star Federal Reserve reporter John Hilsenrath wrote last night that euro woes, disappointing economic data, and strains in financial markets "have prompted a shift at the Federal Reserve, putting back on the table the possibility of action to spur the recovery." 


  • The ECB decided to hold rates steady at 1.00 percent in its June monetary policy decision. Draghi emphasized that EU leaders need to take more drastic measures, saying "Some of these problems in the eurozone have nothing to do with monetary policy and I don't think it would be right for monetary policy to fill these other policies' lack of action."


  • A Norwegian technology site Dagen IT reported that 6.5 million LinkedIn passwords had been leakedand the data posted on a Russian hacker website. LinkedIn later confirmed that the passwords had been stolen. 


  • Reuters reported that German and EU leaders are involved in "intensive contingency planning" to prepare a rescue plan for Spain, even though Madrid has not formally asked for such aid. EU aid would save the country from the embarrassment and restrictions that come with an IMF package.


  • European shares zoomed higher despite lack of action from the ECB. The Italian FTSE MIB rallied a full 3.5 percent, and even the Dax—which has recently been under fire—rallied 2 percent. 

  • NASDAQ said it will set aside $40 million to repay investors who lost money due to trading issues during the Facebook IPO. 

  • The Federal Reserve's Beige Book said that "overall economic activity expanded at a moderate pace"over the last two months, with only one Fed district reporting a slowdown in economic activity.