Stocks Jump on ECB Plan

The stock market soared Thursday on the news that European Central Bank president Mario Draghi planned massive purchases of the bonds of troubled European banks to push down borrowing costs. The Standard & Poor's 500 reached its highest level since January 2008, going up more than 2 percent today. The Dow saw its biggest gain in two months with a 1.7-percent jump of more than 200 points. The market was also buoyed by positive employment news, with an ADP survey of private payrolls showing more than 200,000 new jobs in August.