In a bid to tame worldwide turmoil, central bankers turned to the equivalent of a financial defibrillator with a coordinated interest rate cut in Europe and the United States.

Stocks in Europe remained in the red after the move, but U.S. stocks moved near breakeven after the Dow Jones Industrial Average fell more than 200 points at the open.

Technology stocks were buoyed by the rate cut with the Morgan Stanley High-Technology Index rising 1.6 percent to 390.

Stocks that have been pummeled in recent weeks showed some strength in morning trading. Apple rose 4.9 percent to $94.05, Google jumped 9.3 percent to $355.36 and Dell added 3.6 percent to $14.04.

The Federal Reserve and European Central Bank, joined by central banks in the United Kingdom, Canada, Sweden and Switzerland, cut target interest rates by a half point.

Central banks in China, Hong Kong and Australia had cut their rates earlier in the week.

The action by the U.S. Federal Open Market Committee lowered the target for the federal funds rate 50 basis points to 1 ½ percent.

In a statement, the Fed said recessionary pressures now outweigh any concern about inflation.

“Incoming economic data suggest that the pace of economic activity has slowed markedly in recent months,” the statement said. “Moreover, the intensification of financial market turmoil is likely to exert additional restraint on spending, partly by further reducing the ability of households and businesses to obtain credit. Inflation has been high, but the committee believes that the decline in energy and other commodity prices and the weaker prospects for economic activity have reduced the upside risks to inflation.”

The story was much the same in Europe, where the European Central Bank cited the fall in energy prices explaining the rate cut.

“Inflationary pressures have started to moderate in a number of countries, partly reflecting a marked decline in energy and other commodity prices,” the bank’s statement said.

In late afternoon trading in Europe, the FTSE 100 was down 2.2 percent to 4,504, the German DAX declined 3.5 percent to 5,140 and the French CAC 40 slid 2.6 percent to 3,634.

U.S. stocks, however, moved near positive territory. The Dow Jones Industrial Average fell 53 points, or 5 percent, to 9,394 and the Nasdaq tacked on 1.7 percent to 1,783.

Asian markets, however, tumbled. The Nikkei 225 lost 9.4 percent to 9,203, the Hang Seng fell 8.2 percent to 15,432 and the Straits Times index skidded 6.6 percent to 144.