European, Asian and U.S. markets closed higher with the New York Dow Jones scoring a record point gain for a single day of 936.

The world's major economic powers were forced into action after weeks of turmoil on financial markets saw trillions wiped off the value of stocks.

Most troubling was the collapse in confidence and supply of liquidity in major banks, burdened by unknown amounts of bad debs related to sub-prime mortgages.

The markets responded after European leaders, led by UK Prime Minister Gordon Brown outlined plans which will see more than a trillion dollars pumped into the banking sector.

The U.S. Treasury also announced outline plans on how it would spend $700 billion allocated by Congress to bailout its own troubled financial sector.

The plans include insuring mortgage-backed securities and mortgages ensuring banks and investors don't lose money if borrowers default, purchasing equity in financial institutions, and helping delinquent borrowers stay in their homes.

Most analysts agree that the international efforts would most likely stave off a global economic depression, but may not save it from world-wide recession.