Is stock surge just a spike?

Good news on several fronts helped to rally stocks around the world. But is this a turning point, or just a small respite?

The Bank of Canada joined with five other major central banks in Europe, and the U.S. Federal Reserve to cut the cost of borrowing American money for international banks. That, combined with an upbeat jobs report in the U.S., and news from China that it will ease restrictions on its financial systems, ignited financial markets world wide.

As European finance ministers continued to meet in Brussels in a bid to stabilize the Euro, markets in both Canada and the U.S. shot upward by nearly 500 points each, buoyed by the message that there will be a coordinated response to the Euro crises, and that world leaders will do whatever it takes to avoid a global credit crisis.

Video: Scot Urquhart reports: