The major stock averages are up in midday trading thanks to encouraging comments from ECB President Mario Draghi. Draghi said today that the announcement of the ECB’s bond buying program has helped ease market tensions. He also said the central bank stands ready to buy bonds of any euro zone country that asks for it. This bodes well for the widely expected Spanish bailout that could come as early as this weekend.
Investors will be watching tomorrow very closely as new unemployment numbers are released. At midday, the Dow is up 67 points, the Nasdaq is up 2 points and the S&P 500 is up 7 points. [Read more...]