Euro gains, U.S. stocks flat; ECB signals end to rate cuts

by
March 11, 2016

2016-03-10T180836Z_1006950001_LYNXNPEC2919C_RTROPTP_2_CBUSINESS-US-GLOBAL-MARKET

NEW YORK (Reuters) – The euro jumped while U.S. stocks ended flat on Thursday as new stimulus measures by the European Central Bank were offset by a signal from its chief Mario Draghi that it would cut interest rates again only in the most extreme of circumstances.

Investors had initially cheered the ECB’s announcement that it will cut rates to fresh record lows, start buying corporate debt for the first time and effectively begin paying banks to borrow from it to lend to companies and households.

That optimism dissipated as Draghi suggested that years of interest rate cuts may finally be at an end.

“Rates will stay low, very low, for a long period of time and well past the horizon of our purchases,” Draghi said, referring to the bank’s asset purchase program, due to end in March 2017.

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