Dow futures point to 7th straight gain after ECB stimulus news
Futures for the Dow Jones Industrial Average were headed modestly higher Thursday morning, putting the blue-chip index on track to log its longest win streak in more than a year, after the European Central Bank announced a fresh stimulus measures, including a rate cut that moved a deposit rate further into negative territory and the relaunch of a program of government bond buying that it hopes will reinvigorate a flagging European economy.
Wednesday’s action left the Dow and S&P just 0.8% from their record closes, while the Nasdaq remains 1.9% from its all-time closing high. “The S&P 500 has now fully retraced the August pullback, and in doing so has priced in a lasting U.S.-China trade truce and aggressive [global] central bank easing ... and no more geopolitical surprises,” wrote Tom Essaye, president of the Sevens Report in a Thursday note to clients.
In an effort to mitigate the effects of negative rates on bank profitability, the central bank introduced a system of tiered rates that will exempt some bank reserves held at the ECB.
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