Stock market shoots higher on positive sign from Europe

NEW YORK – It was the buy signal that markets were waiting for.

When European Central Bank president Mario Draghi vowed to “do whatever it takes” to keep the continent’s monetary union intact, stocks were off to the races in the United States and Europe.

The Dow Jones industrial average Thursday jumped 212 points, or 1.7 percent, to 12,888 following big gains in European markets. Benchmark stock indexes surged 6 percent in Spain and Italy and 4 percent in France.

The broader Standard & Poor’s 500 index rose for the first time in five days. It was up 22.13 points, or 1.7 percent, to 1,360.02 The gains in the U.S. stock market were broad. All 10 of the industry groups in the S&P 500 index rose, led by telecommunications companies.

In other trading, and the Nasdaq composite index rose 39.01 points, or 1.4 percent, to 2,893.25, despite more disappointing news from technology companies including the online game maker Zynga.

Ford plans to recall Escape sport utility vehicles

LOS ANGELES – Ford Motor Co. will recall more than 484,000 Escape sport utility vehicles internationally, including 421,000 in the United States, because of a problem that can cause the gas pedal to stick.

The National Highway Traffic Safety Administration opened a probe of the problem this month after it noted 68 complaints, including 13 accidents, nine injuries and one fatality.

The issues affect Escapes from the 2001 through 2004 model years that are left-hand drive and with the 3.0-liter V-6 engine.

Ford said the problem occurs because of inadequate clearance between the engine cover and the cruise control cable. This can allow the throttle to stick when the accelerator pedal is fully or almost fully depressed.

The automaker plans to fix the problem by having dealers raise the engine cover by replacing a fastener. This will provide adequate clearance for the cable, Ford said.

It will be several weeks before Ford has the parts for the repair at dealerships. Customers worried about a sticking gas pedal can take their Escape to a dealership and have the cruise control cable disconnected and secured in place until the permanent fix can be made. Ford said the problem occurs only when a driver presses the pedal all the way or almost all the way to the floor.

Producer of PBS shows buys Public Radio International

BOSTON – Boston public media station WGBH, the producer of marquee PBS shows such as “Nova” and “Frontline,” has acquired Minneapolis-based Public Radio International, the companies said Thursday.

Financial details of the acquisition will not be released, both companies said. The deal may result in a small number of jobs being eliminated at PRI, which currently has about 45 employees, said Julia Yager, vice president of brand management and marketing strategy at PRI. WGBH does not expect to cut jobs.

PRI, the national content producer, network and service provider for public radio, is now an affiliated company of WGBH but will continue to operate independently as a tax-exempt nonprofit in Minneapolis.

— From news service reports