* ECB cuts rates, to buy asset-backed securities
* BP shares slump after court ruling
* ADP payrolls short of estimates, initial claims up
* Ciena stumbles after results, outlook
* Indexes up: Dow 0.23 pct, S&P 0.26 pct, Nasdaq 0.33 pct
(Updates to afternoon, adds new comments, details on BP)
By Akane Otani
NEW YORK, Sept 4 U.S. stocks climbed on Thursday
after the European Central Bank cut interest rates and announced
a new plan to stimulate the euro zone economy, and as a flurry
of data pointed to a steadily improving U.S. economy.
Both the Dow and S&P 500 touched record intraday highs after
the ECB's surprise move, with the benchmark index hitting a high
of 2,011.17. Investors had hoped for decisive
action from the ECB to thwart deflation and spur stagnating
growth in the euro zone, a key trading partner of the U.S.
"The last time the ECB president made such a strong
statement back in 2012, when he said he would take whatever
action necessary to support the economy, it stabilized risk
assets across the globe. I think this is a very similar moment,"
said Anwiti Bahuguna, senior portfolio manager for Columbia
Management in Boston.
U.S.-listed shares of BP Plc fell 4.9 percent to
$45.38 after a U.S. district judge ruled the company was
"grossly negligent" for its role in a massive oil spill in the
Gulf of Mexico in 2010. About $8.8 billion was
wiped off BP's market value Thursday as the stock suffered its
worst percentage decline since June 2012.
Shares of Apple were up 0.6 percent at $99.50. The
stock had tumbled 4.2 percent a day earlier in the wake of news
of a security beach of its iCloud service.
The Dow Jones industrial average rose 39.85 points,
or 0.23 percent, to 17,118.13. The S&P 500 was up 5.18
points, or 0.26 percent, to 2,005.9. The Nasdaq Composite
added 15.19 points, or 0.33 percent, to 4,587.75.
Data showed U.S. initial jobless claims rose to 302,000 last
week, within levels consistent with a strengthening labor
market, while U.S. companies hired fewer workers than expected
in August, according to the private ADP survey. The U.S. Labor
Department will release the widely watched monthly jobs report
A separate report showed the U.S. trade deficit narrowed
July to its lowest point in six months. Meanwhile, growth in the
U.S. services sector rose in August to its best level since
Tibco Software rose 5 percent to $22.10 after the
business software maker formed a special committee to find ways
to boost shareholder value.
Ciena Corp shares dropped 7.6 percent to $18.91
after the network equipment company posted third-quarter results
and provided its fourth-quarter outlook.
(Editing by Bernadette Baum)