US stocks rise after European Central Bank boosts stimulus; hiring report adds to optimism

  • Article by: THE ASSOCIATED PRESS , Associated Press
  • Updated: September 4, 2014 - 11:10 AM

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 Thursday 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 $11.16, or 9.5 percent, to $128.20 after the company reported earnings that exceeded analysts' expectations.

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