European markets closed higher Thursday, after fluctuating for much of the session, with investors monitoring the coronavirus outbreak and digesting new policy announcements from the European Central Bank (ECB) and the Bank of England (BOE).

The pan-European Stoxx 600 closed up 2.9% after rebounding either side of the flatline throughout the day. Telecoms stocks jumped 5% to lead gains while basic resources fell 0.4%.

The Bank of England announced another surprise interest rate cut on Thursday afternoon and ratcheted up its bond-buying program, in an effort to offset the economic impact of the coronavirus outbreak.

Source: CNBC