By Markus Heitkoetter
Stocks ended the day lower across the board.
The sell off began in early trading after European Central Bank reported no major changes to the ECB’s current monetary policy.Global markets were caught a bit off guard, as ECB President Margio Draghi said that no additional stimulus was needed at this time. Leading up to the statement, traders were hoping for more stimulus or a commitment to extend the current program that is set to end in March of 2017.
Markets moved lower after today’s ECB Press Conference, and U.S. indices opened the day with a gap down.
But the rest of the session was rather uneventful. The major indices traded in smaller ranges for most of the day, and the S&P was confined to a 7.5 point range during the day – the S&P has now traded within a 1.5% range for 40 consecutive days!
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 5 points, the S&P ended at 2,181.
- The DOW ended 0.3% lower. Losing 46 points, the DOW closed at 18,480.
- The NASDAQ was down 0.5%. With a 24 point loss, the NASDAQ finished at 5259.
Crude Oil (CL) opened higher and was off to the races!
With a 4.7% gain, CL finished at $47.62 a barrel with its best day in almost 6 months.
Today’s big move in Crude Oil was largely due to a huge drop in inventories. Today’s Crude Oil Inventories showed that inventories fell by 14.5 million barrels!
This was the biggest drop going back to 1999.We wrap up the short trading week tomorrow with a quiet economic calendar: FOMC Member Rosengren Speaking at 7:45am ET is the only item on the calendar worth noting.