US stocks up on Draghi comments

US stocks recouped some of their losses today (September 24th) after investors welcomed European Central Bank (ECB) boss Mario Draghi's renewed pledge to keep interest rates low for an extended period.

The Dow Jones industrial average rose 0.1 per cent, to 17,066 as of 09:55 ET, while the Standard & Poor's 500 index rose a point to 1,984 and the Nasdaq composite edged up 0.2 per cent to 4,519. The gains come after the S&P 500 fell for three days in a row.

"Draghi came out and said he is going to do whatever is necessary. That lift from Europe is transferring over here," Peter Jankovskis, co-chief investment officer at OakBrook Investments, told the BBC.

The ECB stance echoes the Federal Reserve chairman Janet Yellen's speech last week, in which she said that there was no "calendar date" for an interest rate rise.

She added the Fed will raise interest rates once a "considerable time" has passed after its stimulus programme ends in October.

"The Committee continues to anticipate, based on its assessment of these factors, that it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee's two per cent longer-run goal, and provided that longer-term inflation expectations remain well anchored," the Fed said in a statement.

Meanwhile, US investors continued to focus on Europe's economic malaise and tensions in the Middle East after the US and Arab nations attacked the Islamic State group's headquarters in Syria.

"Geopolitical risk, which has been simmering in the background, is back to the fore" CMC analyst Desmond Chua told AP.

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