Stocks soar after ECB vowComment on this story
By PALLAVI GOGOI
New York - US stocks are soaring at the opening bell after the president of the European Central Bank vowed to do what it takes to preserve the continent's monetary union.
The Dow Jones industrial average was up 234 points to 12,913 and the broader S&P 500 index added 23 points at 1,361 early on Thursday. The Nasdaq composite index is up 50 points at 2,904 despite more disappointing news from the technology sector.
ECB President Mario Draghi said that the bank “will do whatever it takes to preserve the euro,” providing the assurance markets needed to rally. Draghi spoke at an investor conference taking place at the Olympics in the UK.
Disappointing earnings in the US and signs of some trouble in the economy did not curb the strength of the rally. - Sapa-AP