Market Watch: All Eyes on Europe

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Stocks stayed even in Wednesday trading, after a volatile Tuesday saw the Dow drop almost 200 points before rallying to finish the day flat.

Investors are anxiously awaiting word from the European Central Bank (ECB) as to whether they will embark on a long-expected bond buying program. ECB President Mario Draghi is thought to favor the decision, despite opposition from Germany. An announcement is expected on Thursday.

Until then, the market will continue to focus on 4th quarter earnings and oil prices (which were up slightly this morning.) Several large banks and tech companies reported after the opening bell this morning. IBM’s disappointing reports brought a drop of nearly 100 points immediately after the markets opened.

Finally, the World Economic Forum begins today in Switzerland. Several prominent heads of state and business leaders will discuss the state of economic affairs, in the midst of the International Monetary Fund’s report that global growth is shrinking on a yearly basis.

As of 3 p.m., here are the numbers on Wall Street:

Dow Jones Industrial Average: 17,520.14 (+4.91)

NASDAQ: 4,661.10 (+6.26) 

S&P 500: 2,029.09 (+6.54)

Phil Cannella
Partnered with CBS Radio Network, Phil Cannella reports on the issues most important to the American retiree.
Phil Cannella

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