U.S. stocks closed little changed after swinging between gains and losses, as investors assessed fresh stimulus measures unleashed by the European Central Bank.
Equities stormed back in a final-hour rebound to briefly erase declines in major indexes that had reached more than 1 percent. The S&P 500 Index rose less than 0.1 percent to 1,989.5 at 4 p.m. in New York, after dropping 1 percent.
The European Central Bank cut all its interest rates and expanded the scope of its bond-buying program as President Mario Draghi strives to fend off the threat of euro-area deflation. The moves exceeded market expectations and initially spurred demand for risky assets. Draghi said at a press briefing that risks to the euro-area growth outlook are still to the downside, and the rate of inflation will remain negative before picking up later in the year. Still, he said he doesn’t anticipate more rate cuts.
Source : Bloomberg