ECB action prompts strong stock gains

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NEW YORK, July 26 (UPI) -- U.S. stocks jumped Thursday on a pledge by the European Central Bank president to support the euro.

Bank President Mario Draghi said the ECB would do "whatever it takes," to support the currency shared by 17 nations that are in the midst of a collective financial crisis.

Stocks made solid gains in Europe.

By close of trading on Wall Street, the Dow Jones industrial average added 211.88 points or 1.67 percent to 12,887.93. The Standard & Poor's 500 index added 22.13 points or 1.65 percent to 1,360.02. Tech-heavy Nasdaq composite index gained 39.01 points or 1.37 percent to 2,893.25.

On the New York Stock Exchange, 2,238 stocks advanced and 826 declined on a volume of 4.2 billion shares traded.

The benchmark 10-year treasury note fell 12/32 to yield 1.446 percent.

The euro rose to $1.2282 from Wednesday's $1.2157. Against the yen, the dollar rose to 78.22 yen from 78.15 yen.

In Tokyo, the Nikkei 225 index rose 0.92 percent, 77.20, to 8,443.10.

In London, the FTSE 100 index gained 1.36 percent, 74.84, to 5,573.16 and the French CAC added 125.38 points or 4.07 percent to 3.207.12. The German DAX added 176.44 points or 2.75 percent to close at 6,582.96 while the European Dow gained 4.3 percent and the Stoxx Europe 600 added 2.47 percent.