European Central Bank

Banks and tech companies drive stocks higher, while drugmakers dive

Banks and tech companies drive stocks higher, while drugmakers dive

U.S. stocks rose Thursday as gains for technology companies and banks helped the market recover some of its losses from earlier in the week. However drugmakers and distributors tumbled.

The European Central Bank said Thursday that it would begin gradually reducing the bond purchases it has been making to strengthen the regional economy. Investors were glad the bank didin’t decide to be more aggressive. Starting in January the bank plans to cut the size of its purchases in half, to 30 billion euros a month. The euro weakened and European stock indexes jumped.

The Standard & Poor's 500 index rose 3.25 points, or 0.1%, to 2,560.40. The Dow Jones industrial average gained...

EDITION: California | U.S. & World
66°