U.S. and European stock prices surged sharply on Wednesday over a pledge from Europe's central bank to continue channeling funds to the banking sector.

At the New York Stock Exchange, the Dow Jones Industrial Average jumped two-point-four percent, marking its best day this year. The Nasdaq composite index and the S&P 500 index posted growth of more than two percent, and German and French stock prices also surged by around two percent.

The surge in prices followed the European Central Bank’s announcement that it will continue to extend financial support to the banking sector although it has frozen its key interest rate for the sixth consecutive month.

The bank, in particular, said it is ready to lower its key interest rate if prices stabilize.

The announcement has raised hopes that the U.S. Federal Reserve will also come up with ways to boost the U.S. economy.