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Stock Markets, Oil Prices Rise; Dollar Hits New Low Against Euro

World stock prices have continued to surge, following major gains on Wall Street Tuesday and new injections of cash in some global financial markets.

U.S. stock prices made steady gains for the second day in a row Wednesday. The dollar briefly fell to a new low of $1.55 against the euro, while oil hit a new record high, $109.85 per barrel.

European markets closed sharply higher in Wednesday's trading, with most of the major markets ending the day up one percent or more.

Major stock indexes in Japan, Hong Kong and Taipei all closed higher, along with markets in Manila, Sydney and Wellington.

On Tuesday, the U.S. Federal Reserve - acting in coordination with the central banks in Canada and Europe the Bank of Canada, the Bank of England, the European Central Bank and the Swiss National Bank - offered $200 billion to banks and mortgage providers. The other central banks offered about $25 billion.

The move bolstered U.S. stock markets burdened by soaring oil prices and a weak dollar.

Some information for this report was provided by AFP, bloomberg.