Photo: Google Finance
Stocks seemed a bit undecided earlier this morning. But now they’re selling off big time.The Dow is off 160 points.
All eyes were on the European Central Bank this morning, which had a scheduled monetary policy announcement. Unfortunately, there wasn’t much announced, which was unexpected.
Last week, ECB president Mario Draghi said that he would do “whatever it takes to preserve the euro.” This led many experts to believe that some sort of bond buying program would be initiated to help lower interest rates in debt-laden countries like Spain.
But that didn’t happen. European stocks sank into the close. The Italian stock market got crushed.
In other news, Facebook fell below $20 per share.