Stocks are rallying and the euro is getting slammed

Stocks are well in the green in early trading on Thursday morning.

Near 9:32 a.m. ET, the Dow was up 125 points, the S&P 500 was up 18 points, and the Nasdaq was up 37 points.

Stocks have closed sideways for most of this week.

There’s quite a lot going on this morning.

The euro slid following European Central Bank president Mario Draghi’s hint that there could be more quantitative easing in the eurozone.

Draghi was speaking at a press conference, after the bank announced its decision to leave interest rates unchanged.

In earnings:

  • McDonald’s reported its first quarter in two years of positive US same-store sales.
  • Under Armour had its first billion-dollar quarter, reporting $US1.2 billion in revenues for Q3.
  • Caterpillar missed earnings expectations and cut its full-year earnings guidance to $US4.60 per share from $US4.70.
  • 3M sales fell 5%, as the company announced it planned to cut 1,500 jobs.

In economic data, initial jobless claims continue to stun, with the four-week moving average falling to another 45-year low of 263,250.

House prices rose 0.3% in August, less than the expectation for 0.5%, according to the Federal Housing Finance Agency (FHFA).

Existing home sales numbers are due at 10:00 a.m. ET.

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