Stocks Slump as Traders Eye Central Banks, Data
Originally published on Fox Business
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The markets fell on Thursday after surprisingly strong U.S. economic data undercut hopes that the Federal Reserve will step up its easing program and traders digested easing moves from central banks in Europe and China.
As of 11:00 a.m. ET, the Dow Jones Industrial Average fell 32.5 points, or 0.25%, to 12912, the S&P 500 slipped 4.2 points, or 0.31%, to 1370 and the Nasdaq Composite rose 3.3 points, or 0.1%, to 2979.
Market participants coming back to work following the Independence Day holiday in the U.S. were confronted with a slew of headlines on the day.
Central Banks Take Action
The European Central Bank cuts its main refinancing, deposit and marginal lending rates by 0.25-percentage point in a move aimed at dulling the impact of the eurozone debt crisis on the currency bloc's economy and financial system. The People's Bank of China, which is China's central bank, also sliced its benchmark lending and deposit rates as it looks to avoid a hard landing for the world's No. 2 economy.
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