US Stocks Drop As ECB Keeps Rates Unchanged

Rukhshan Mir (@rukhshanmir) Published September 08, 2016 | 07:50 PM

US stocks drop as ECB keeps rates unchanged

NEW YORK, (UrduPoint / Pakistan Point News -8th Sept,2016) - Wall Street stocks opened lower Thursday, joining European equities in retreating after the European Central Bank kept interest rates unchanged.

Equity markets in Paris and Frankfurt were both down more than one percent after the ECB, as expected, kept record-low interest rates unchanged and did not expand its asset-buying program.

ECB chief Mario Draghi said the central bank could enact additional stimulus, but wanted to first assess the impact of measures already taken.

Five minutes into trade, the Dow Jones Industrial Average was at 18,473.06, down 0.3 percent. The broad-based S&P 500 shed 0.2 percent to 2,181.16, while the tech-rich Nasdaq Composite Index pulled back from a record, dropping 0.3 percent to 5,266.35.

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