US stocks rise as ECB hints at more stimulus

US stocks got a boost early today after European Central Bank chief Mario Draghi hinted at possible additional monetary stimulus as soon as March.
About 50 minutes into trade, the Dow Jones Industrial Average was at 15,867.79, up 101.05 points (0.64 per cent). Heading today, the Dow was off 9.5 per cent for the year following the rout of early 2016.
The broad-based S&P 500 added 10.40 (0.56 per cent) at 1,869.73 while the tech-rich Nasdaq Composite Index gained 21.52 (0.48 per cent) at 4,493.20.
European stocks rallied after ECB President Mario Draghi said at a news conference that the central bank would review its policies in March and could boost its stimulus program.

There are "no limits to how far we are willing to deploy our policy instruments," Draghi said, following the central bank's widely expected decision to keep interest rates unchanged.
The comments soothed investors shaken by yesterday's rout that continued today in Asia.

The benchmark Shanghai Composite Index fell 3.23 per cent as worries over the state of the world's number-two economy overshadowed a huge cash injection into the financial system by China's central bank.
Draghi "met the minimum expectation of at least floating the thought that there is potentially more room for policy accommodation. That could help promote some bargain-hunting activity," said Briefing.Com analyst Patrick O'Hare.

"Whether the bargain-hunting effort lasts to any great degree is the real question."
Verizon rose 2.1 per cent as it reported USD 5.5 billion in fourth-quarter earnings, compared with a loss of USD 2.1 billion in the year-ago period, besting expectations. The telecom giant expects 2016 earnings comparable to those of 2015.
Freight rail company Union Pacific slid 6.3 per cent after reporting fourth-quarter earnings fell to USD 1.1 billion as business volumes declined nine percent.
United Continental rose 1.6 per cent after reporting fourth-quarter earnings of USD 823 million, much above the USD 28 million in the year-ago period. United also announced an order for 40 new 737-700 aircraft from Boeing worth about USD 3.2 billion.

Boeing rose 1.6 percent.