European Stocks Rally After ECB Details QE Plans

(RTTNews) - European stocks moved higher Thursday as the European Central Bank provided additional details about its quantitative easing program.

The U.K.'s FTSE 100 scored an all-time record closing high, gaining 0.55 percent to 6,961.14. Germany's DAX climbed 1 percent, ending above 11,500 for the first time, and France's CAC 40 added 0.92 percent.

The Euro Stoxx 50 gained 0.92 percent for a new 2015 high.

ECB President Mario Draghi revealed that the bank will purchase $66.3 billion worth of bonds each month beginning on March 9th.

The central bank previously indicated that the $1.1 trillion asset purchase program is expected to continue until September of 2016.

Following its monetary policy meeting, the ECB also raised its forecast for European economic growth in 2015 to 1.5 percent from 1 percent.

While the ECB also lowered its outlook for inflation in the current year, the QE program is expected to boost inflation going forward.

The euro tumbled to a new 11-year low.

Meanwhile, the Bank of England kept its key interest rate at a record low for the sixth straight year and quantitative easing unchanged.

Kloeckner climbed more than 4 percent. The company turned to a profit in the fiscal year.

Retailer Carrefour, which reported increased profit for the year, added about 2.4 percent.

Aviva reported a rise in operating profits, helping shares jump 7 percent. Friends Life also topped forecasts ahead of their planned merger, and shares rose 7 percent.

Belgian food retailer Delhaize gained 4.1 percent in Brussels. The company reported fourth-quarter results today.

ITV climbed 2.7 percent. Goldman Sachs raised the stock to "Conviction Buy List" from "Buy."