U.S. stocks rose with Treasuries as data showing declines in manufacturing bolstered the case for continued stimulus. European bonds climbed as Mario Draghi signaled he will stay the course with his bond-buying program, while oil advanced for a fifth day. The Standard & Poor’s 500 Index added 0.4 percent at 9:35 a.m. in New York, as Intel Corp. rallied 2 percent after reporting earnings. The Stoxx Europe 600 Index rose 0.6 percent. The dollar pared earlier gains versus the euro. The yield on 10-year Treasury notes fell three basis points to 1.87 percent, while similar-maturity German bunds set a record-low yield. Developing-nation stocks fluctuated, while the Shanghai Composite Index lost 1.2 percent after China’s economy grew at the slowest pace since 2009. Oil climbed 1.4 percent. Total U.S. industrial output fell more than projected, while factory output barely climbed in March, indicating a strong dollar and cheap oil are hurting American manufacturing. European Central Bank President Mario Draghi said quantitative easing is helping the region’s economic recovery and will boost inflation. He said the program must be implemented in full to work. “Draghi is fully committed to QE and that should continue to debase the euro,� said Peter Rosenstreich, head of market strategy at Swissquote Bank SA in Gland, Switzerland. “The prospect of a shorter program appears to be off the table for now. The euro has room to weaken further, especially if there are more hawkish comments coming from U.S. policy makers.� Manufacturing in the New York area unexpectedly fell in April, a report showed, after data on Tuesday showed retail sales trailed estimates. China’s economy expanded 7 percent in the first quarter and growth in industrial output was less than all estimates in a Bloomberg survey. The euro has weakened more than 2 percent versus the dollar since the ECB began purchases of sovereign debt on March 9. It reached $1.0458 on March 16, which was the lowest since January 2003.

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