Fed adds $330 billion to stabilize markets

NEW YORK (CNN) - The Federal Reserve expanded deals Monday with nine central banks in Europe, Asia and North America to make an extra $330 billion available to banks in an effort to stabilize global financial markets.

The Fed said it is more than doubling funds under deals with the European Central Bank and the central banks of Canada, Japan, Denmark, Norway, Australia, Sweden, Switzerland and England.

The U.S. central bank's move to increase liquidity by reaching out to other countries is part of a larger effort to restore some level of confidence to the markets.