Global stocks gain; Europe's central bank promises support

Stocks are moving steadily higher in the U.S. and Europe as markets regain their footing after a turbulent few weeks.

The Dow Jones industrial average increased 68 points, or 0.4 percent, to 16,425 as of 9:35 a.m. Eastern time Thursday.

The Standard & Poor's 500 index climbed nine points, or half a percent, to 1,959. The Nasdaq composite gained 18 points, or 0.4 percent, to 4,769.

China's markets were closed for a holiday, giving investors some temporary relief from following recent sharp swings there.

European markets rose. The head of the European Central Bank, Mario Draghi, said the bank is ready to give the region a bigger dose of stimulus should inflation fail to pick up.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.17 percent.