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.