Stimulus hopes pump oil, stocks higher

World stock markets and oil prices rallied today, building on the previous day's recovery sparked by the European Central Bank hinting at more eurozone stimulus.
Equities and crude began rebounding yesterday after the ECB said there were "no limits" to the stimulus measures it might take to boost the eurozone economy.
Sentiment was boosted further today by a report that said Japan's central bank was considering similar moves.
"Global stocks rebounded strongly today, capping a massive two-day about turn that erased sharp declines early in the week," said market analyst Jasper Lawler at CMC Markets UK.
"The rally was aided by a surging oil price and talk of stimulus from both the European Central Bank and the Bank of Japan," he added.

The week's trading has seen volatile swings, with top European stock markets plunging by 3.5 per cent Wednesday on fears over global economic weakness.

After a sell-off that has wiped several trillion dollars off global markets so far this year, the prospect that two of the world's biggest central banks were ready to finally step in gave investors something to cheer about.
Yesterday, ECB boss Mario Draghi highlighted concerns about the impact of plunging equity and oil prices on already weak inflation and pledged the bank would reconsider its monetary policy at its March policy meeting.
His comments lit a fire under European stocks and also supported a Wall Street rally yesterday.

Today, Japan's respected Nikkei business daily reported that the central bank is weighing up its own plans to fend off the threat of deflation that has been exacerbated by the oil crisis.
The latest developments spread some much-needed confidence around trading floors after the worst-ever start to a year.
Tokyo led the gains, surging 5.9 per cent, the best one-day performance since early September, with a weaker yen helping exporters. Hong Kong ended 2.9 per cent higher and Shanghai added 1.3 per cent.
European stocks finished strongly with Paris climbing 3.1 per cent and the exchanges in oil-dependent Norway and Russia shooting up 4.5 per cent and 9.4 per cent respectively.

Wall Street also pushed higher.
"US stocks are moving solidly higher in early action for a second-straight session," said analysts at brokerage Charles Schwab.