Stocks Drop From Record High; Draghi Whipsaws Euro: Markets Wrap
- ECB head says ‘worse and worse’ outlook warrants stimulus
- Treasury yields rise; Dollar gained versus most major peers
U.S. stocks fell from record highs amid a torrent of corporate results, while the euro swung between gains and losses and European bond yields climbed from all-time lows after Mario Draghi didn’t give markets more of a dovish signal.
All 11 industry sectors in the S&P 500 closed lower a day after the benchmark index closed at an all-time high. The Dow Jones Industrial Average slumped to the lowest two weeks as investors digested a flood of earnings. 3M initially advanced after beating estimates before turning lower, while Tesla plunged on weak results. A Federal Trade Commission probe weighed on Facebook, overshadowing impressive results. After the close of regular trading, Amazon fell after posting lower-than-forecast earnings and Alphabet rallied after exceeding revenue estimates.