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Stocks Continue to Rally in Midday After ECB Surprise, Econ Data

Major U.S. markets continued to rally in midday trading Thursday after the European Central Bank unexpectedly cut its key rate. The Dow Jones Industrial and the S&P 500 are in record terrain. Stocks are also driven by strong economic data at home. The ISM report showed the pace of growth in the services sector rose to 59.6 last month from 58.7 in July, that's its highest level since 2005. PVH Corp. (PVH) is gaining big after the owner of brands like Calvin Klein and Tommy Hilfiger posted earnings beating estimates. Shares of BP (BP) are falling after it had been found 'grossly negligent' in the 2010 Deepwater Horizon oil spill. The federal judge's ruling could force the energy company to pay billions of dollars more for the Gulf of Mexico disaster. Tesla (TSLA) is trading slightly higher ahead of a big announcement expected later today. The electric car maker appears to have chosen Nevada for its battery factory.