Baja Real Estate & Economy News (CNN) -- Japan's financial markets soared on its open Tuesday, extending the global market rally recorded Monday that witnessed the Dow Jones' historic jump.
Japan's Nikkei 225 opened Tuesday more than 11 percent higher, after being closed for a three-day weekend, The Associated Press reported. New Zealand's stock exchange was up 7 percent Tuesday, Dow Jones reported on its Web site.
Tuesday's early trading followed on the global rally a day earlier after European banks on Monday followed Britain's lead and announced huge bailouts for their banking sectors. U.S., European and Asian markets closed higher Monday with the New York Dow Jones scoring a record point gain for a single day of 936.
Other New York markets, the Nasdaq and the S&P also gained more than 10 percent on the day. In Europe, the French CAC 40 and the German DAX also had gains of more than 10 percent.
London's FTSE 100 finished 8.26 percent higher, while Asian markets saw similar large gains of between 7-10 percent.
"Seeing that there's going to be more of a global commitment to resolving the financial crisis has given confidence to investors and gotten them to put some money to work," Christopher Colarik, portfolio manager at Glenmede Investment Management, told CNNMoney.
The world's major economic powers were forced into action after weeks of turmoil on financial markets saw trillions wiped off the value of stocks.
Most troubling was the collapse in confidence and supply of liquidity in major banks, burdened by unknown amounts of bad debs related to sub-prime mortgages.
The markets responded after European leaders, led by UK Prime Minister Gordon Brown outlined plans which will see more than a trillion dollars pumped into the banking sector.
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(CNN) -- Japan's financial markets soared on its open Tuesday, extending the global market rally recorded Monday that witnessed the Dow Jones' historic jump.
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