Global stocks and the euro rose on Thursday as the European Central Bank announced a bond-buying programme to provide relief to debt-laden countries in the eurozone.
ECB President Mario Draghi announced that the central bank would buy unlimited amounts of short-dated bonds of the countries who are in need of financial succour, largely in line with expectations.
He also said that all help would be extended to the countries to implement fiscal austerity measures to help them achieve their goals of bringing down their debt.
Draghi justified the plan on the grounds that it would help the central bank's monetary policy complement economic restructuring by euro zone governments and restore economic growth.
Spanish and Italian bond yields fell, while U.S. Treasury and German bund yields jumped as the need for safe-haven investments fell with the ECB plan seen reducing the risk of a euro zone break up.
The U.S. Dow Jones industrial average was up 217.11 points, or 1.66 percent, at 13,264.59 late afternoon in New York. The Standard & Poor's 500 Index was up 26.43 points, or 1.88 percent, at 1,429.87, its highest level in four years.
Will U.S. Stocks Continue To Move High? Find Out here
In the U.S. stocks got an additional boost with data showing that employment rose the fastest in August while claims for unemployment benefits fell.
The pan-European FTSEurofirst 300 (.FTEU3) index rose 2.4 percent to 1,104.76, with trading volume hitting a three-month high at 285 million shares.
The euro hit a two-month peak against the U.S. dollar in choppy trading after the ECB unveiled its plan to contain the euro zone debt crisis.
Synta Pharmaceuticals Corp. (NASDAQ:SNTA) shares jumped 6.08% and closed at $8.11 in the last trading session. The company announced that the Company will present at the Rodman & Renshaw Annual Global Investment Conference in New York on Monday, September 10 at 1:35 p.m. (ET). The 52 week trading range for the company is $3.02 - $8.50.
Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) shares fell 3.82% and closed at $1.26 in the previous trading session. The company announced that Louis Ferrari, President and Chief Executive Officer of Savient, will present at the 6th Annual Imperial Capital Global Opportunities Conference on Thursday, September 20th at 10:30am Eastern Time at the Waldorf=Astoria Hotel in New York City.
Additionally, On September 4, 2012, SVNT received a letter from The NASDAQ Stock Market notifying it that it had regained full compliance with the NASDAQ Global Market's minimum bid price continued listing requirement as a result of the closing bid price of its common stock having been at or above the minimum requirement of $1.00 per share for at least 10 consecutive trading days.
Sirius XM Radio Inc (NASDAQ:SIRI) shares gained 0.99% and closed at $2.54 in yesterday’s session. The company said that will provide comprehensive coverage of the 2012 NFL season, offering fans nationwide live broadcasts of every game. The 2012 NFL season kicks off tonight, Sept. 5, when the defending Super Bowl Champion New York Giants host the NFC East rival Dallas Cowboys at MetLife Stadium (8:30 pm ET).
Quicksilver Resources Inc (NYSE:KWK) shares jumped 5.65% and closed at $3.74 in the last trading session. The company provided an operational update on its recently-completed well in the Delaware Basin in West Texas and the completion of the eight-well pad in the Horn River Basin in British Columbia. In Pecos County, the company re-entered the vertical Price Ranch #1 well and completed a 1,500-foot horizontal lateral.
Select Comfort Corp. (NASDAQ:SCSS) shares gained 5.64% and closed at $31.27 in the previous trading session. Barclays Capital reissued their overweight rating on shares of SCSS in a report released last month. Additionally, analysts predict that Select Comfort Corp. will post $1.46 earnings per share for the current fiscal year. The company is a bed manufacturers and retailers. The Company designs, manufactures, markets and distributes beds and other sleep-related accessory products.