European Central Bank governor Mario Draghi communicated on Thursday the institution's strongest message yet as far as its willingness to protect the eurozone. According to the Wall Street Journal, Draghi dropped hints that the ECB would go after high bond yields, which have made it virtually impossible for troubled countries to raise cash through international financial markets, as paying the interest rates the market currently dictates makes no economic sense.

Draghi's comments sparked a stock market rally in Europe and the United States, particularly in Italy and Spain, where stock markets went up by 5.6 percent and 6.1 percent, respectively. The Dow Jones Index rose by 1.7 percent, its largest increase in the month of July.

The good news on the continent was tempered somewhat by a rough day for Silicon Valley. Social gaming company Zynga saw its stock tank by 38 percent, as it continues to have trouble getting the increasingly mobile-based users of Facebook playing and spending money on its games. Aside from being hit by virtue of its association with Zynga, Facebook also reported unimpressive earnings of its own, and its stock is currently plummeting in after-hours trading, down over 10 percent to an all-time low of $24.

 

See more of Neon Tommy's coverage of the eurozone here.

Reach Executive Producer Matt Pressberg here.