U.S. stock markets fell on Thursday after the European Central Bank declined to take concrete steps to support the eurozone, which continues to struggle with a years-long debt crisis. The Dow Jones Industrial Average fell 92.18 points, or 0.7 percent, to close at 12,878.88, while the larger S&P 500 index 10.14 points, or 0.7 percent, to end the day at 1,365.00. Investors had hoped that the ECB would lower its benchmark interest rate to encourage economic growth, or that ECB President Mario Draghi would announce plans to buy bonds directly from Italy and Spain, which would reduce their dangerously high borrowing costs. But Draghi said only that the ECB was willing to take unconventional measures to stabilize the eurozone, and many investors say Draghi's previous public statements had misled them into believing that the ECB was prepared to act.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- How academia's liberal bias is killing social science
- Why Pakistan won't hunt down the terrorists within its borders
- 43 TV shows to watch in 2014
- Sorry, GOP, tax cuts don't pay for themselves
- What would a U.S.-Russia war look like?
- How to be the most productive person in your office — and still get home by 5:30 p.m.
- Pope Francis' American problem
- A brief history of the Christmas present
- Vox, derp, and the intellectual stagnation of the left
- Your weekly streaming recommendation: The One I Love
Subscribe to the Week