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Roundup: U.S. stocks decline after ECB President Draghi's comments

Xinhua, September 24, 2015 Adjust font size:

U.S. stocks ended mildly lower after fluctuating between gains and losses Wednesday, as investors assessed European Central Bank (ECB) President Mario Draghi's remarks about monetary stimulus policy.

The Dow Jones Industrial Average fell 50.58 points, or 0.31 percent, to 16,279.89. The S&P 500 lost 3.98 points, or 0.20 percent, to 1,938.76. The Nasdaq Composite Index edged down 3.98 points, or 0.08 percent, to 4,752.74.

"Should some of the downwards risks weaken the inflation outlook over the medium term more fundamentally than we project at present, we would not hesitate to act," said Draghi in a speech Wednesday. "The asset purchase program has sufficient in-built flexibility. We will adjust its size, composition and duration as appropriate, if more monetary policy impulse should become necessary."

European shares rebounded from the previous day's plunge Wednesday following the comments, with British benchmark FTSE 100 Index rising 1.62 percent.

In Asia, Chinese shares tumbled Wednesday after data showed prolonged weakness in the economy, with the benchmark Shanghai Composite Index falling 2.19 percent.

On the U.S. economic front, September data highlighted another month of relatively subdued growth momentum across the U.S. manufacturing sector, reported financial data firm Markit Wednesday.

The headline seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers Index registered 53.0 in September, unchanged from August's 22-month low, signaling one of the slowest rates of overall manufacturing sector expansion in the past two years.

The CBOE Volatility Index, often referred to as Wall Street's fear gauge, dropped 1.38 percent to end at 22.13 Wednesday.

In other markets, the U.S. dollar decreased against the euro as the Draghi said the bank needed more assessment before unleashing further stimulus.

In late New York trading, the euro rose to 1.1208 dollars from 1.1131 dollars in the previous session, while the dollar bought 120.14 Japanese yen, higher than 120.02 yen of the previous session.

Gold futures on the COMEX division of the New York Mercantile Exchange rebounded as weak U.S. stocks provided some support for gold.

The most active gold contract for December delivery added 6.70 U.S. dollars, or 0.60 percent, to settle at 1,131.50 dollars per ounce. Endit