NEW YORK -- U.S. stocks are rising after the European Central bank pledged more stimulus to help the region’s ailing economy, boosting the outlook for global growth.
The Standard & Poor’s 500 index climbed five points, or 0.3 percent, to 2,005, putting it on track for a record close. The Dow Jones industrial average rose 40 points, or 0.2 percent, to 17,119.
ECB President Mario Draghi said today that the bank would start purchases of asset-backed securities and covered bonds in October. The bank also cut its benchmark interest rate.
In the United States, a private survey showed businesses added jobs at a healthy pace in August.
PVH, the owner of Tommy Calvin Klein and Tommy Hilfiger brands, rose $11.16, or 9.5 percent, to $128.20 after the company reported earnings that exceeded analysts’ expectations.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.