(As of 7:10 am PST)
Stocks are surging on the last trading of the quarter with
markets getting a boost on hopes of new stimulus programs from the European
Central Bank. Speculation, which began
last week, that the ECB and People’s Bank of China would announce additional
quantitative easing measures has boosted US equity markets today. Inflation in the euro zone fell to the lowest
level since 2009, providing support for a stimulus package from the ECB. Some are calling for a policy announcement as
early as this week in Europe. Economic
data was largely ignored in the US as investors traded the stimulus hope. Chicago PMI fell in March to the lowest level
in over 6 months as employment declines and a drop in new orders held back
business activity. Markets shrugged off
the report. A speech by Fed Chair Janet
Yellen is also drawing attention today with markets keying in on any
transparent remarks around the Fed’s policy decisions. Asian markets finished the day mostly higher
while European indexes are also up. Gold and oil are flat while interest rates
are on the rise.
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