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Snapshot

Stocks head higher after ECB takes new steps

The S&P 500 rose to another record high after the European Central Bank, seeking to revive the eurozone economy, cut two key interest rates, pushing one of them below zero. The unusual move means the ECB will be charging banks to hold their money, instead of paying them interest. The goal is to arm-twist them into lending money to consumers and businesses. The ECB’s president, Mario Draghi, said more steps can be taken if needed, including buying bonds, as the US Federal Reserve has done in its stimulus program. Combined, countries in the European Union make up the world’s second-largest economy and buy about a fifth of US exports.