Wall Street drops after an on hold ECB disappointed

Wall Street ended lower today with the ECB staying put and disappointing markets that were expecting further measures to support growth in the European economy.

Central Banks are the theme again this month and with the ECB staying on hold, the door is left open for the Fed to act later this year which ultimately weighs on stocks in the US. The BoJ are also in play at the end of this month while the FED is expected to stay put ahead of the US elections.

In an overbought technical state, the S&P 500 finished down 4.86 points, or 0.2%, at 2,181.30, despite oil prices  rallying to close higher $2.12, or 4.7%, at $47.62 a barrel following the biggest fall in weekly inventories since '99. The Dow Jones Industrial Average dropped 46.23 points, or 0.3%, to close at 18,479.91, and the Nasdaq Composite Index  fell by 24.44 points, or 0.5%, and finished at 5,259,48, breaking a four-session winning streak.

ECB: further rate cuts on the cards? - Nomura