Draghi Delivers But Stocks Sputter

Friends

Stocks rallied early as markets reacted to Mr. Draghi and the ECB cutting rates and announcing the beginning of purchases of asset backed securities (not officially QE say the “experts” but…). Unfortunately for the bulls, stocks gave up all of their gains and then some as afternoon trading wore on.

By the close, the Dow Jones Industrial Average was down 8 points to finish the day at 17,069. The S&P 500 was down 3 to close at 1997. Gold was down $8 to trade at $1262 per ounce, while oil was down $1.02 to trade at $94.52 per barrel WTI.

The ADP private payroll number came in just a little light this morning, but the non-farm payroll number that we get tomorrow morning is the big one. Jobless claims slipped back over 300,000, but the PMI Service Index continues to show strength. The consensus “guestimate” for tomorrow’s jobs number is a gain of 230,000 for August. Let’s see how accurate the experts are, and just how stocks will react. Stay tuned.

Have a nice evening everyone.

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