U.S. stocks rallied Thursday after European Central Bank President Mario Draghi said policy makers had agreed to unlimited bond purchases to get the upper hand on the region's debt crisis. The Dow Jones Industrial Average surged 137 points to 13,185. The S&P 500 index rose 14 points to 1,417. The Nasdaq Composite climbed 29 points to 3,099. Limited amount of news this morning other than the European business. The financials are benefitting the most from the European rally. Most of the big banks are up over 2% with JP Morgan up 4%. The beaten up sectors like materials, industrials, and energy are all performing well. Cliffs Natural Resources was downgraded, but the stock is higher for a second day in row. The defensive sectors like the utilities and consumer staples are under performing today. Through the first hour the averages exploded, first in Europe with Spanish and Italian yields dropping dramatically, followed by our averages surging another 100 points in the Dow. After 11 o'clock moved sideways, literally. Everything is in the green. The next big news event comes tomorrow morning with the nonfarm payroll number. In the last hour the averages modestly pulled back only to rebound to the highs of the day by the close. Impressive rally.
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