Markets were relatively calm on Wednesday as investors held their collective breaths ahead of the European Central Bank’s policy announcement scheduled for Thursday morning. Although there was some intra-day volatility, stocks generally closed higher as all ten sectors of the S&P climbed, Energy and Utility shares led markets higher, as Oil rose over 1% while Gold, Silver and other precious metals fell.
Thursday morning’s Jobless Claims showed a decline, in line with expectations, helping to lift equity futures. More significantly, the ECB announced the launch of additional Bond Purchases, which surpassed market expectations in as much as ECB President Mario Draghi committed to extend QE through the end of 2016 with the potential of keeping it open-ended until the Eurozone reaches a 2% inflation rate and improves its overall employment situation.
Make sure to tune into Money Matters with Gary Goldberg this weekend on WOR 710 AM Radio, airing at a special time on Saturday at 2:30 PM and Sunday at 11:00 AM. We’ll be discussing our latest economic outlook as well as providing our analysis of the ECB decision and what to look for before increasing your portfolios international exposure. Gary’s guest this week is Richard Lustig, the winner of 7 lottery grand prizes. Visit www.ggfs.com for details.