Stocks jump as European Central Bank rolls out new lifeline

Stocks surged early Thursday after the president of the European Central Bank (ECB) unveiled new efforts to support the struggling eurozone.

The Dow Jones Industrial Average jumped over 140 points as trading opened on Thursday, with the S&P 500 and Nasdaq both climbing about 1 percent.

The stock surge came minutes after ECB President Mario Draghi said the European central bank would commit to buying unlimited amounts of European government bonds in an effort to control rates and support ailing governments. Draghi said the initiative could provide "a fully effective backstop to avoid destructive scenarios" at a press conference following the ECB's monthly policy meeting, according to The Wall Street Journal.

Under the new initiative, a European government can solicit bond purchases from the ECB if it agrees to submit to outside oversight of its fiscal matters, and Draghi noted the bank's support could be revoked if participating nations do not meet certain fiscal standards.

The move marks the latest attempt by European officials to get a handle on the continent's ongoing debt crisis.

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