Thank You, Mr. Draghi
Mario Draghi. That is all you need to know about the action this week. On Tuesday night, the market had suffered its third straight day of 100-point losses in the DJIA and it looked like it was only a matter of time before it cracked what fragile support remained. That set the stage for Mr. Draghi, the head of the European Central Bank, to announce on Wednesday morning that the bank would take whatever steps necessary to save the European Union.
The skeptics immediately questioned Draghi's ability to do this, but the talk immediately lit a fire under the market. The DJIA jumped 460 points over the next three days. There were a few good earnings reports but the move was primarily due to these rather vague comments combined with poorly positioned market players and some very active computer programs....222 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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