Stocks soar after European Central Bank unveils bond buying effort

NEW YORK (AP) — Financial markets are soaring after investors finally heard what they had been waiting for from the European Central Bank: concrete plans to support struggling countries in the region by buying government bonds.

The surge put the Standard & Poor's 500 index back its highest level since May 2008. The Dow Jones industrial average surged more than 200 points. European markets also shot higher.

The European Central Bank unveiled a new program Thursday to buy government bonds from the region's struggling countries with the aim of lowering their borrowing costs.

The Dow Jones industrial average was up 215 points at 13,262 as of 10:40 a.m.

The Standard & Poor's 500 index rose 18 points to 1,422. The Nasdaq composite rose 39 points to 3,109.