Wall St. had a positive day Thursday as all three indices rose on a fresh batch of quarterly earnings reports and comments from the President of the European Central Bank that ECB rates would remain unchanged.
ECB President Mario Draghi said in a news conference:
“Short-term inflation expectations have declined but more medium- to long-term inflation expectations, after some decline following our last meeting have now recovered and are basically unchanged since then.”
Global markets have done well in October with the S&P up 6.9% for the month. Why? Bob Pisani– Editor of CNBC’s “On-Air Stocks” says there are 3 reasons.
1.) The most important reason- Lower probability of Fed interest rate hike.
2.) European, Chinese & Japanese banks are calm for the time being, with the belief that the People’s Bank of China would enact more stimulus.
3.) Revenue declines because of the strong dollar.
Here are the final numbers for Thursday, 10/22/15 on Wall Street:
Dow Jones Industrial Average: 17, 489.16 (+320.55/ +1.87%)
NASDAQ: 4,920.05 (+79.93/ +1.65%)
S&P 500: 2,052.51 (+33.57 / +1.66%)