NEW YORK (TheStreet) -- Investors' high spirits were palpable on Friday as U.S. stocks rocketed to all-time highs on decisive action from Europe and China to stimulate flagging growth in their regions.
The S&P 500 was up 0.73%, the Dow Jones Industrial Average was gaining 0.74%, and the Nasdaq was at its highest level in 14 years, up 0.63%. If momentum can be sustained through to the market close, the S&P and Dow will net new record closing highs after lifting the bar again on Thursday and would close out a fifth week of gains.
Must Read: Warren Buffett's Top 10 Dividend Stocks
The European Central Bank announced it had started buying asset-backed securities in a move to ease monetary policy and resuscitate growth in the eurozone. European markets were rocketing higher, with Germany's DAX gaining as much as 2.1%, as the ECB made its announcement via Twitter.
"Following publication of legal act on the implementation of the ABS purchase programme, the Eurosystem has started the purchases on 21/11/2014," the central bank said.
Markets were already on a tear after ECB President Mario Draghi talked of monetary easing policies in a speech. Addressing a banking conference in Frankfurt, Draghi said the eurozone's inflation was proving challenging and that the ECB was prepared to do "what we must to raise inflation and inflation expectations as fast as possible."
The eurozone has been a lingering threat to global economic strength as troubled pockets of the region teeter on the cusp of deflation, most recently seen in the weakening growth in its largest economy Germany.