(As of 7:10 am PST)
US stocks opened slightly higher but have come back to
trade around the unchanged line as investors looked at news out of Europe for
direction. European Central Bank
President, Mario Draghi, in a press conference today after the ECB’s policy
meeting, reiterated that the central bank remains committed to accommodative
stimulus measures to reignite growth in the struggling euro-zone if need be.
European markets cheered the sentiment that a full-fledged quantitative easing program
is not out of the picture. On the US economic front, data is light with a
report on productivity coming in positive while jobless claims also fell more
than expected, another positive sign for the labor market. Oil continues its
descent, falling more than 1.5% this morning to $77 per barrel, while gold and
other commodity prices are down as well. Expect action to pick up throughout
the day and tomorrow as investors gear up for Friday’s US nonfarm payrolls
report.
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