U.S. and European stocks surged on Thursday after Greece scrapped a plan to hold a referendum on its latest bailout package.

At the New York Stock Exchange, the Dow Jones Industrial Average jumped one-point-eight percent to 12-thousand-44-point-47. The jump marked the third time since the beginning of August for the figure to stand above 12-thousand.

The tech-heavy Nasdaq composite index also saw an increase, climbing two-point-two percent. Meanwhile, stock prices in Germany and France saw gains of more than three percent.

The European Central Bank’s move to slash its benchmark interest rate a quarter of a percentage point also is regarded to have led to the surge in stock prices.

The bank apparently sought to cut its benchmark interest rate despite jitters over consumer prices in a bid to actively address contraction in economic growth and turmoil in financial markets.