Shares on the Dublin stock market rose today following a surprise decision the US central bank to cut interest rates by 0.75 per cent.
The Iseq Index closed the day up 3.8 per cent to 6,496.87. This follows yesterday's 4.17 per cent drop which wiped some €3.6 billion off the value of companies listed on the exchange.
Having been among the main fallers yesterday and in early trade this morning, banking stocks have eased into positive territory.
AIB shares, which had fallen almost 4 per cent in early trade, rallied back to €14.47, a rise of 32 cents on the day.
Anglo Irish Bank, one of the biggest fallers yesterday recoved most of those losses and closed up over 5.5 per cent on €9.16.
Bank of Ireland, which fared slightly better than other Irish banks yesterday, opened down 3.7 per cent in the first thirty minutes of trade before recovering to €9.29, a gain of 34 cents.
Also having a rollercoaster day were Irish Life and Permanent shareholders, who after early loses, saw their shares climb to €10.56, a gain of 36 cents.
Helping to lift the market was heavyweight stock building materials giant CRH which opened down 2.5 per cent before recovering to push into positive territory. News of the Fed rate decision would be welcomed by its shareholders, given the company's exposure to that market.
Its shares kicked on after the decision was announced and at now trading up over 5 per cent at €24.08.