Thursday, November 6, 2014

Economic Journal - Thursday, 11/6/2014

(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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