Markets Give Back Wednesday’s Gains After Remarks from President of European Central Bank
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tarabird/iStockphoto/Thinkstock(NEW YORK) — The major indices spent Thursday giving back the big gains they posted on Wednesday, and a bit more, with part of the blame laying at the feet of the President of the European Central Bank.
The Dow Jones Industrial Average slid 334.97, closing at 16,659.25.
The Nasdaq dropped 90.25 to a finish of 4,378.34, while the S&P 500 sank to 1,928.21, a drop off of 40.68 from Thursday’s open.
Mario Draghi, president of the European Central Bank, delivered comments at the Brookings Institution — an American thinktank — in Washington on Thursday, saying that for Europe’s economy “without reform, there can be no recovery.” Calling himself “uncertain there will be very good times ahead if we do not reform now,” Draghi’s statement led to concern about the short-term future of some of Europe’s larger economies, including Germany.
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