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Stocks open higher following ECB comments

October 04, 2012|By Andrew Tangel
  • Traders work on the floor of the New York Stock Exchange.
Traders work on the floor of the New York Stock Exchange. (Richard Drew / Associated…)

Stocks opened higher Thursday after European Central Bank President Mario Draghi said the institution was ready to begin purchasing bonds to ease the Eurozone debt crisis.

The Dow Jones industrial average gained 93 points, or 0.7%, to 13,587 shortly after the opening bell.

The broader Standard & Poor's 500 index was up 11 points, or 0.7%, to 1,462. The Nasdaq gained 13 points, or 0.4%, to 3,149.

Draghi said the ECB's bond-buying plan has "helped to alleviate tensions over the past few weeks" and that "it is now essential that governments continue to implement the necessary steps to reduce both fiscal and structural imbalances," according to Bloomberg News.

Hewlett-Packard Co.'s stock continued to sink a day after the company announced a turnaround plan.

HP stock lost 55 cents, or 3.7%, to $14.36 a share in early trading. The stock dropped 13% Wednesday.

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