Economy
CLOSING BELL: August 2: DJIA: 12,878.88 | DOWN 92.18 | -0.71%
OIL: $87.13, DOWN 1.78, -2.00%
GOLD: $1,590.70, DOWN 16.60, -1.03%
GASOLINE (US Avg): $3.534, UP .013
Stocks End in Red After Draghi Disappoints
Hibah Yousuf & Emily Jane Fox, CNN Money - U.S. stocks ended Thursday in the red, but off the lows of the day, after investors were disappointed by European Central Bank president Mario Draghi’s failure to announce concrete plans to help solve Europe’s debt crisis.
The Dow Jones Industrial Average fell 92 points, or 0.7%. The S&P 500 was also down 0.7%. The Nasdaq shed 0.4%.
Investors had hoped that Draghi would announce some form of new action after he pledged last week that the ECB would do “whatever it takes” to preserve the euro.
But Draghi merely echoed previous remarks.
“Once again, we have no commitment to action from the ECB, and no execution of promises previously made,” said Carl Weinberg, chief economist at High Frequency Economics. “Nothing seems set to happen now.”
Read the rest of this article at CNN Money here.
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