By PAUL WISEMAN
AP Economics Writer
WASHINGTON – Global stock markets staged an explosive rally Thursday, embracing a move by the Federal Reserve to try to rejuvenate the U.S. economy by buying $600 billion in Treasury bonds.
The Dow Jones industrial average reached its highest point in more than two years, and stocks surged from Tokyo to London.
Elsewhere around the world, economic dominoes began to fall: The dollar sank. Oil prices surged. And Asian countries raised fears that their currencies would rise relative to the dollar, making their exports more expensive.