Stocks rise for 4th day: Dow up more than 200

Stocks rose, then fell, then rose again as investors tried to figure out how to react to news the European Central Bank launched a bond-buying stimulus program Thursday.

The major indexes eventually moved sharply higher as the Dow jumped more than 200 points in afternoon trading. That puts the blue-chip index on track for a fourth straight day of gains.

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European stocks also rose on the ECB announcement that it will make monthly bond purchases of 60 billion euros from this March through September 2016, slightly more than the 50 billion euros in purchases widely expected.

Global stocks rose on news that the European Central Bank will make monthly bond purchases of 60 billion euros from this March through September 2016, slightly more than the €50 billion in purchases widely expected.

The Dow Jones industrial average was up 1.4% and the Standard and Poor's 500 stock index gained 1.3%. The Nasdaq composite index added 1.4%.

In Europe, the FTSE 100, which measures Britain's stock market, was up 1% and Germany's DAX index gained 1.3%. The French CAC 40 rose 1.5%.

The euro weakened against the U.S. dollar, sliding to $1.1488. A weakened euro makes European goods cheaper, which could help boost exports from the region and lift inflation from dangerously low levels.

The U.S. 10-year Treasury note yield fell slightly to 1.86%.

"A billion here, a billion there, and pretty soon you're talking real money," said Sam Stovall, chief market strategist for S&P Capital IQ, echoing the late senator Everett Dirksen.

At least initially, the ECB's moves favor the United States, Stovall said. The bond-buying program will stimulate the European economy, but at the price of keeping bond yields low. Already, the German 10-year note yields just 0.54%.

Money tends to flow toward higher yields, and as low as U.S. Treasury yields are now, they look scrumptious compared with German government bond yields. And, Stovall said, European economic and earnings growth is estimated at -1% to 1%, while U.S. earnings and economic growth is on the rally.

U.S. crude continued to languish after falling more 60% in the past seven months amid rising supplies and weaker demand. Crude fell $1.85, or almost 4%, to $45.97 a barrel in New York.

Sliding oil prices helped boost airline stocks. Shares in Southwest Airlines (LUV) surged after the carrier reported higher quarterly profit and revenue than Wall Street expected. The company said lower prices for jet fuel helped reduce costs, and estimated that it should save around half a billion dollars on fuel during the first three months of 2015. Southwest jumped 8%.

United Continental (UAL) shares jumped more 4% after it issued an upbeat outlook helped by lower fuel costs.

Contributing: The Associated Press