ECB QE pushes S&P 500 into positive for the year

Jessica Morris
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tHE S&P 500 has pushed into positive for the year (Source: Getty)

Draghi's decision to unleash his biggest "bazooka" has helped push the S&P 500 into positive for this year.

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.

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