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4:01 pmWho else is boosting the S&P 500by Victor ReklaitisADD A COMMENT
Symantec SYMC is another big winner in the S&P 500, rising 4% after its earnings report for the second-best gain after Fox.
L Brands LB is also a big winner, gaining 3.6% after it said it expects Q2 earnings at the high end of its previous outlook, as July sales crushed forecasts.
Read more about today’s jumpiest stocks in our Movers & Shakers column.
3:58 pmECB's Draghi emphasizes diverging path on U.S., euro-zone monetary policyby William WattsADD A COMMENT
The euro is weaker, euro-zone government bonds are near record highs and European stocks are trading near unchanged in the wake of European Central Bank President Mario Draghi’s monthly news conference.
Draghi took a “wait-and-see” approach on additonal monetary policy measures after the ECB, as expected, left interest rates unchanged. He warned that potential geopolitical fallout from the European Union’s conflict with Russia over the Ukraine added to downside economic risks. He characterized the euro zone recovery as “weak, fragile and uneven.”
But he argued that the ECB’s easy monetary policy stance was bearing fruit, easing credit conditions and that next month’s launch of targeted long-term refinancing operations will be well-timed to meet a long-delayed pickup in credit demand.
Draghi also bragged that the euro zone’s monetary conditions have now been decoupled from the U.S., where the Fed is seen moving toward tighter monetary policy. That should continue to contribute to an environment favoring a weaker euro, he said, as investors now realize that monetary policy in the U.S. and Europe will remain on a diverging path for a long period.
3:52 pmNot throwing in the towelby Victor ReklaitisADD A COMMENT
While stocks have dropped in the last couple of weeks, and that’s got folks thinking this might be the long-awaited correction, plenty of strategists aren’t throwing in the towel.
Katie Stockton, BTIG’s chief technical strategist, writes in a note this morning:
“Short-term oversold conditions are widespread in the U.S. and Europe, based on the daily stochastics and DeMark indicators. The setup is reminiscent of February and April, when global markets bottomed as measures of breadth and sentiment reached extremes. We cannot rule out a ‘retest’ in the next couple of days – they are common after swift pullbacks in the SPX – but, we would be buyers of stocks that have fallen to support on their charts.”
