US stock market erases losses for year after Europe's central bank offers economic stimulus

The stock market is closing with a big gain after Europe's central bank offered an aggressive plan to revive that region's weak economy.

The Standard & Poor's 500 index jumped 31 points, or 1.5 percent, to close at 2,063 on Thursday, erasing its losses for the new year. The Dow Jones industrial average surged 259 points, also 1.5 percent, to 17,813. The Nasdaq gained 82 points, 1.8 percent, to 4,750.

The yield on the 10-year Treasury rose to 1.88 percent from 1.87 percent late Wednesday.

The euro dipped to an 11-year low against the dollar.