NEW YORK- ” U.S. and global stocks rose Thursday as a holiday in China gave investors a break from the recent torrid swings in that country’s markets. The European Central Bank said it was willing to provide more stimulus to the region’s economy, if needed, helping to send stocks higher there, AP reports.
KEEPING SCORE: The Dow Jones industrial average was up 77 points, or 0.5 percent, to 16,430 as of 10 a.m. Eastern. The Standard & Poor’s 500 index rose 11 points, or 0.6 percent, to 1,960 and the Nasdaq composite rose 13 points, or 0.3 percent, to 4,763.
KEEPING PUMPING: The European Central Bank said it’s ready to give the eurozone a bigger dose of stimulus should inflation across the 19-country bloc fail to pick up, President Mario Draghi said. Along with lower interest rates, the ECB is pumping 60 billion euros a month into the economy through purchases of government and corporate bonds. The program is slated to run at least through September 2016.
European markets jumped on the news. Germany’s DAX added 2.3 percent, France’s CAC-40 rose 2.1 percent and U.K.’s FTSE 100 rose 1.6 percent.
CENTRAL BANKS: At the same time the ECB is stimulating the eurozone economy, the Federal Reserve could raise U.S. interest rates for the first time since the financial crisis.
JOBS ON TAP: Friday’s jobs report for August could play a big role in guiding the Fed’s decision on interest rates this month. Economists are forecasting that U.S. employers created 220,000 jobs last month and that the unemployment rate fell to 5.2 percent.
A private survey that came out Wednesday reflected some weakness in the job market. The payroll processor ADP said U.S. businesses added 190,000 jobs last month, up from 177,000 in July, but below a six-month high set in June of 231,000 and below the 200,000 jobs expected.
NO JOY: Shares of Joy Global, which makes heavy machinery used in mining, dropped $3.75, or 17 percent, to $18.35 after the company posted results far lower than analysts expected. The company also cut its full-year forecasts. Like other equipment makers in the energy and materials industries, Joy has been hurt by low prices for oil, metals and other commodities, which have diminished demand for equipment to extract those resources.
ENERGY: Benchmark U.S. crude rose $1.48 to $47.20 a barrel on the New York Mercantile Exchange. Brent crude oil, which is used to price oil internationally, gained $1.19 to $51.68 a barrel in London.
BONDS, CURRENCIES: U.S. government bond prices rose. The yield on the 10-year Treasury note fell to 2.18 percent from 2.19 percent late Wednesday. The euro fell to $1.1122 from $1.1238. The dollar fell to 120.14 yen from 120.24 yen.