Business

September 4, 2014

Action in Europe helps boost Wall Street

A promise from the European Central bank to provide more stimulus to the stagnant economy brightens investors’ outlook.

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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