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US, European stocks fall as ECB falls short of expectations


The Associated Press

FILE – This Oct. 2, 2014 file photo shows a Wall Street sign adjacent to the New York Stock Exchange, in New York. European shares shed earlier gains Thursday, Dec. 3, 2015 after the European Central Bank failed to cut a key interest rate as much as many in the markets had expected. (AP Photo/Richard Drew, File)

Associated Press

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By KEN SWEET, AP Business Writer

NEW YORK (AP) — U.S. stocks are trading modestly lower and European markets fell sharply after the European Central Bank announced stimulus plans that were less aggressive than investors were expecting.

The Dow Jones industrial average was down 44 points, or 0.3 percent, to 17,685 as of 11:55 a.m. Eastern time.

The Standard & Poor’s 500 index slipped 7 points, or 0.4 percent, to 2,072. The Nasdaq declined 14 points, or 0.3 percent, to 5,109.

The declines in Europe were far greater. Germany’s DAX index plunged 3.6 percent after the ECB didn’t cut rates as much as expected. It also didn’t expand its bond purchasing program.

European bond prices fell, pushing yields higher. The euro rose against the dollar.

Among U.S. stocks, chipmaker Avago Technologies soared 11 percent after reporting a jump in earnings.

Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.



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