The US blue-chip index erased its losses for the year jumping 1.6% to 2,063.98 points in a late-afternoon rally on Thursday.
Meanwhile, the Nasdaq also erased its losses for the year, rising 1.8 per cent to 4,750.62 points.
The S&P 500 suffered at this start of this year as investors sold off energy and financial stocks, dragging the index below 2,000 points.
But earlier today the European Central Bank revealed a €60bn-a-month quantitative easing programme, which it hopes will drive growth and boost paltry inflation rates in the Eurozone.
Eurozone investors cheered bond-buying package, which beat market expectations, and the Euro Stoxx 600 closed up 1.66 per cent at 364 points. The Euro fell to a new 11-year low against the dollar.