A flurry of economic data Thursday offered a muddled view of the U.S. economy.
U.S. stocks extended losses Thursday afternoon, pushing the Dow industrials further into negative territory for the year, after Federal Reserve chief Janet Yellen once again signaled at a U.S. interest-rate hike in mid-December.
In her testimony to Congress, Yellen practically reiterated comments she made on Wednesday, which laid out the groundwork for a rate hike at the U.S. central bank's Dec. 15-16 meeting. Yellen said she's looking for a continued solid trend of job creation in November's employment report, to be released on Friday morning at 8:30 a.m. Eastern.
Prospects of higher interest rates in the U.S. come as the European Central Bank earlier Thursday announced an expansion of its monetary stimulus that fell short of the market's expectations. The details of more QE "are not the big bang that some had thought and/or hoped for." The theme of monetary-policy divergence is expected to dominate trading in the near future.
Dow Futures Dump 450 Points From Pre-Draghi Highs.
S&P 500 Tumbles Into Red For 2015, Breaks Key Technical Support.
Germany's DAX has come unbuttoned rapidly with a 480-plus point droip today. Down over 5.5% in the last 3 days,crushed back under 11,000 today with a 3.75% crash - the most since August 24th - all thanks to Draghi over-selling his "whatever-it-takes"-ness... after the Paris Terror attacks.
Paris Attack "Gains" Gone - DAX is down over 480 points!!!