Market Watch: Stocks Rally On European QE

shutterstock_99031760

U.S. stocks moved higher Thursday following European Central Bank (ECB) President Mario Draghi’s announcement that the ECB will embark on a bond buying program in the near future.

The announcement came about 10 a.m. East Coast time and immediately sent the Dow soaring by almost 200 points.

The ECB’s program will see an open-ended, monthly purchase of 60 billion euros (about $70 billion) in public and private bond-buying. Draghi hopes this action will boost the Euro Zone’s suffering inflation rate, which came in at -0.2% for 2014.

“Markets have been waiting 2 1/2 years for ECB President Mario Draghi to put pen to paper on his promise that he’d do whatever it takes, so the larger risk is for Draghi to do something less than spectacular,” Art Hogan, chief market strategist at Wunderlich Securities, told CNBC.

This morning, the weekly jobless claims reports came in at 307,000 (as opposed to 300,000.) American Express also announced plans to cut about 4,000 jobs over the next year during their 4th quarter earnings report.

Here are the numbers for Thursday on Wall Street:

Dow Jones Industrial Average: 17,813.98 (+259.70)

NASDAQ: 4,750.40 (+82.98)

S&P 500: 2,063.15 (+31.03)

Phil Cannella

Phil Cannella

As a partner with CBS Radio in Philadelphia, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

@phillipcannella

Phil Cannella a revolutionary thinker. Phil Cannella's cause is the Phil Cannella Crash Proof Retirement system. Phil Cannella has worked for decades.
Get the truth on how Wall Sts stacked against you, on The @CrashProofShow Sat at 10 AM on @1290wjno in FL, and 11 AM on @TalkRadio1210 in PA - 1 year ago
Phil Cannella
Phil Cannella

Leave a Reply

Your email address will not be published. Required fields are marked *