Comments by European Central Bank (ECB) President Mario Draghi and a solid jobs report boosted investors’ confidence as stocks rose 2% across the board today. The Dow added almost 370 points while the NASDAQ was up by over 104 points.
ECB chief Mario Draghi told the Economic Club of New York that:
“There are no particular limits to the ECB’s policy tools. Thanks to our monetary policy actions, the risk of deflation in the euro area is firmly off the table. The ECB’s easy policy is having its “intended” effects, and the bank sees “no particular limit” to how it can use tools. The ECB would “no doubt” intensify policy like its quantitative easing program, if needed. QE is there to stay. If needed, it could be re-calibrated but it will extend its bond-buying program to at least March 2017, “
Here are the final numbers from Friday, 12/4/15 on Wall Street:
Dow Jones Industrial Average: 17,847.63 (+369.96/ +2.12%)
NASDAQ: 5,142.27 (+104.74 / +2.08%)
S&P 500: 2,091.65 (+42.07 / +1.07%)