NEW YORK - WALL Street opened higher a day after a global collapse, with markets seeing some relief from a worldwide central bank offensive on the credit crunch including a US plan to buy up commercial paper.

The Dow Jones Industrial Average rose 76.14 points (0.76 per cent) to 10,031.64 in the first trades a day after slumping below 10,000 for the first time in four years.

The Nasdaq added 8.02 points (0.43 per cent) to 1,870.98 and the Standard & Poor's 500 index advanced 7.07 points (0.67 per cent) to 1,063.96.

After a battering of markets on Monday, global central banks announced plans to pump up liquidity to banks and the Federal Reserve opened up its coffers to companies hit by the credit crunch with a new program that will buy up commercial paper, short-term debt critical for many corporate operations.

The latest effort in an all-out war against the credit crunch creates a new 'liquidity backstop' for corporate finance and was established after the US Treasury determined it was 'necessary to prevent substantial disruptions to the financial markets and the economy,' the central bank said.

'It's a good start,' said Mr Andrew Busch at BMO Capital Markets, who said it may reassure banks and get credit flowing.

'In the money markets now, there is no trust to lend money to anything but Treasuries and overnight only as this is the safest and shortest arrangement for money. Banks are completely overloaded with money, but no lending is occurring except in this structure.' -- AFP