Art Cashin, UBS director of floor operations at the NYSE, said
European Central Bank chief Mario Draghi provided the stock market a
sigh of relief after he held pat on his dovish stance for more monetary
stimulus. “It was, to a degree, what he didn’t say,” Cashin said.
On Wednesday, there were reports of clashing between Draghi and his
central bank counterparts, who were expected to confront him at the
central bank’s dinner about his management style.
When Draghi reiterated Thursday morning that the ECB Governing
Council was unanimous in its commitment to use unconventional
instruments if needed, S&P futures, European stocks, the U.S. dollar
and bond yields jumped.
Friday, November 07, 2014
Draghi Provides Relief Rally
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment