The Closing Look

It was a wild day in markets across the globe. Stocks opened higher but closed lower on Thursday in a classic case of buy the rumor and sell the news. Before Thursday’s open, the European Central Bank (ECB) fired another shot from their easy money bazooka. The ECB cut their benchmark interest rate to 0% from 0.05%. They also expanded QE (money printing) to 80 billion euros a month, up from 60B. The bank also cut their bank deposit rate further into negative territory taking it down to -0.4%, from -0.3%.The ECB also extended their QE program to March 2017, which is longer than the initial target of September 2016.

Gary’s Thoughts: Go to Universal in Orlando. Ride the Hulk roller coaster. That was today. See you tomorrow.