The Dow has jumped nearly 300 points after the US Federal Reserve made no changes to its monetary policy, saying it can remain "patient" before moving to raise interest rates.
The share market has hit its lowest level in more than 10 months as falling commodity prices contributed to a sixth consecutive straight day of losses.
Banks should be forced to hold more capital in order for them to impress their offshore creditors, the head of the government's financial system inquiry says.
The share market has fallen for a fourth straight day after Reserve Bank governor Glenn Stevens scotched expectations of interest rate cuts early in 2015.
The Australian dollar has plummeted to fresh four-and-a-half-year lows after the head of the Reserve Bank said he wanted the currency to fall to 75 US cents.
Wall Street stocks have shaken off much of the negative momentum from Asian and European equity markets, finishing the day mixed after a bruising open.
National Australia Bank has become the second of the big four to reverse its interest rate forecasts, predicting the Reserve Bank will need to slash rates twice in 2015.