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Stocks slide after European Central Bank declines to act
 
European Central Bank President Mario Draghihi: Some analysts say the Central Bank should flood the market with money to ease the continent's financial crisis.
European Central Bank President Mario Draghihi: Some analysts say the Central Bank should flood the market with money to ease the continent's financial crisis.
Marc Tirl/dpa/Corbis

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.

 

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