The UK's FTSE rose 6.2%, Germany's DAX was up 4.5% and France's CAC leapt a remarkable 8.7%.
In this environment, it was inevitable that airline shares would get a major updraft.
easyJet was up 12.7%, British Airways 11.7%, continuing its upward trend and even SAS managed a recovery of 10.8%, apparently for no other reason than that its current price has lots of upside.
The boost was largely due to hopes of concerted government action to stimulate spending and accelerate recovery.
Whether the optimism will continue beyond a few days, with the barrage of bad news still to emerge, is yet to be seen.
European selected airlines daily share price movements (% change): 08-Dec-08