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The S&P 500 jumped to a more than four-year high on Thursday as a new bond-buying program in Europe was hailed as an effective way to contain the region’s debt crisis.
Positive sentiment was also lifted by bullish data on the U.S. services sector and labor market, the latter especially notable ahead of Friday’s non-farm payrolls report.
The rally was broad, with materials, financials and industrials— all groups tied to the pace of economic growth— leading the way with gains of more than 2 percent. Advancers outnumbered decliners by a ratio of more than 4 to 1 while the Dow had its biggest gain in two months and the Nasdaq advanced to its highest level since 2000.
