Stocks open higher after European Central Bank cuts interest rates, pledges more stimulus

  • Article by: THE ASSOCIATED PRESS , Associated Press
  • Updated: September 4, 2014 - 8:45 AM

U.S. stocks are opening higher after the European Central bank pledged more stimulus to help the region's ailing economy, boosting the outlook for global growth.

The Dow Jones industrial average rose 26 points, or 0.2 percent, to 17,104 in early trading Thursday. The Standard & Poor's 500 index climbed two points, or 0.1 percent, to 2,002.

ECB President Mario Draghi said in a press conference 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 U.S., 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 $11.25, or 10 percent, to $128.38 after the company reported earnings that exceeded analysts' expectations.

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