(MENAFN- ProactiveInvestors) U.S. stocks ended slightly higher on Thursday as investors received more details on the European Central Bank's bond-buying program in its latest effort to boost the struggling economy.
At the closing bell in New York the Dow Jones Industrial Average rose 38 points to settle at 18135 while the Nasdaq climbed 16 points to end at 4983 and the S&P 500 inched up 2 points to finish at 2101.
The European Central Bank today detailed the start of its asset-purchasing plan to combat deflation. The ECB will begin buying about 60 billion euros ($66 billion) in bonds a month starting March 9 ECB President Mario Draghi told reporters in Nicosia where officials had met.
The central bank also unveiled forecasts showing higher economic growth with an inflation outlook that puts the ECB on track to reach its inflation goal of just below 2 percent.
U.S. stocks put an end to two straight sessions of declines from recent all-time highs sending the Dow and the S&P 500 to their lowest levels in two weeks yesterday.
With Friday's jobs report looming the Labor Department released this morning its look at initial jobless claims which surprisingly climbed to 320000 from 313000 the previous week. Economists were expecting claims to have dropped to 296000 last week.
Meanwhile the government also released revised fourth quarter productivity figures with the reading lowered to an annual 2.2% drop from a fall of 1.8% previously in line with estimates.
Later in the morning the government said January factory orders declined 0.2% compared to expectations for a 0.2% rise. This compares to a 3.5% decline in December.
European markets finished higher today with shares in Germany leading the region after Draghi spoke. Asian markets mostly closed lower after China lowered its GDP growth forecast to 7% for 2015 the lowest in 11 years compared to last year's target of 7.5%.
In corporate activity () shed more than 5% after reporting fiscal first-quarter profits that were weaker than expected and said it was cutting its profit guidance.
(NASDAQ:COST) reported a quarterly profit 17 cents above estimates but overall revenue was slightly short of expectations. Same store sales however rose a better-than-expected 8% during the quarter. Shares rose 2.8% on Thursday.
Also in focus () is cutting capital expenditures by about $4.5 billion to $34 billion for 2015 according to CEO Rex Tillerson.
AbbVie (NYSE:ABBV) has agreed to buy cancer drug specialist () for $21 billion in cash and stock.
() is reportedly delaying the start of production for a planned larger iPad while the company and HBO are said to be closing in on a deal to include HBO's streaming service on TV.
Etsy the craft and goods website has declared plans to go public on the Nasdaq under the symbol "ETSY" with the company's top line numbers suggesting a valuation well above $1 billion. It had 2014 revenue of $195.6 million and a net loss of $15.2 million.
Gold for April delivery fell 0.4% to finish at $1196.20 an ounce on Comex after hitting a high of $1208.90 as the greenback strengthened. On the New York Mercantile Exchange West Texas Intermediate for delivery in April settled down 1.5% to $50.76 a barrel giving up most of its gain from Wednesday.
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