U.S. stock fell after European Central Bank President Mario Draghi said he had not signaled further bond purchases in remarks last week.
“It’s this one headline that has the market lower,” said Peter Boockvar, equity strategist at Miller Tabak, of comments by Draghi at a monthly news conference in Frankfurt.
“While so many want him to print, he doesn’t want to give EU (European Union) countries a free pass. It’s called tough love. I repeat again, the sustainability of this stock market rally comes down to money printing or not,” Boockvar wrote in emailed commentary
Stock-indexes erased the gains that came after the U.S. government reported a bigger-than-expected drop in weekly jobless claims and the European Central Bank lowered rates.
“There have been numerous indications that the labor market is healing and today’s jobless claims report only reinforces that view,” Dan Greenhaus, chief global strategist at BTIG LLC, wrote in emailed commentary.
