Wall Street opened higher as did markets across Asia, along with trading in Germany, France, and Britain after last week's devastating losses. 

A rally Friday on Wall Street, overnight gains in Asia, and coordinated European and U.S. attempts to prop up the banking systems brought a measure of relief. 

The latest coordinated move emerged when top central banks, including the U.S. Federal Reserve and the European Central Bank, unveiled the new measures to thaw frozen credit markets and bolster funding to banks.

They joined the Bank of England and the Swiss National Bank in saying they would provide unlimited U.S. dollar funds to financial institutions.  The Bank of Japan is considering similar measures. 

The banks’ actions came after leaders of the 15 countries, using the Euro, said they would guarantee new bank debt until the end of 2009. 

The rescue measures agreed in Europe echo those announced last week by the British government, which is injecting $63 billion into three of its leading banks in exchange for equity stakes. 

U.S. investors are now waiting to see if the Treasury Department’s newly announced pan to buy equity in troubled banks would help stabilize volatility on Wall Street.

Lawmakers have urged quick action by President Bush on the effort, which will be funded by the $700 billion bailout.