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Friday, November 07, 2014

Draghi Provides Relief Rally

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.

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