Thursdays signal by ECB President Mario Draghi that the central bank is prepared to undertake another large stimulus package to tackle the lackluster growth seen in the euro zone advanced stocks on most global markets.

The pan-European STOXX 600 jumped 2 percent, with all sectors closing in positive territory. Wall Street surged nearly 2 percent overnight, with the Dow Jones Industrial Average (DIA) posting its best day since September 8.

Draghi told he ECB governors at the council meeting that, "It was not a wait-and-see, but it was a work-and-assess. We are ready to act if needed, we are open to a whole menu of monetary policy instruments."

He added that “the strength and persistence of factors slowing inflation require ‘thorough analysis’” and he emphasized the central bank's commitment to use all measures available to it to handle the sluggish growth seen in the euro zone.

Japan's Nikkei Up

Japan's Nikkei 225 index zoomed up to 18,910 points — its highest level since August 31. The yen weakened to trade at 120.9 versus the U.S. dollar while blue-chip exporters such as Toyota Motor (TM) and Toshiba (TOSYY) jumped nearly 2 percent each, while Sony (SNE) piled on 1 percent.

According to IG's market strategist Evan Lucas in a note released early Friday, "All I see this morning is the word 'euphoria' as Mario Draghi and his elves at the ECB practically confirmed there will be an early Christmas present in order for the European economy on December 3. Draghi's Christmas present is a global present."

Analysts now expect .Draghi to announce a 'prolonged period' (possibly even undefined) of the asset purchase program, likely to be well into 2017.