U.S. stocks ended relatively changed, despite a dramatic session, after the European Central Bank cut interest rates. Bobbi Rebell reports.
BROADCAST AND DIGITAL RESTRICTIONS~**Broadcasters: NONE Digital: *NONE*~ U.S. and European stocks initially rallied after the European Central Bank cut rates, but both reversed course after ECB head Mario Draghi said more rate cuts were not likely. U.S. stocks ended relatively flat. European stocks in the red. A drop in oil prices also pressured stocks. Peter Cardillo of First Standard Financial: (SOUNDBITE) PETER CARDILLO, CHIEF MARKET ECONOMIST, FIRST STANDARD FINANCIAL (ENGLISH) SAYING: "Draghi did say, he still has a lot of ammunition, so he's not dealt his cards just yet. So, I think, the fact that he mentioned they wouldn't cut rates anymore is what spooked the market. But again, could it be a misinterpretation by investors today - most likely." In U.S. economic news, the number of Americans filing for jobless benefits fell last week. Twitter has been doling out restricted stock and up to $200,000 in cash in a bid to retain employees, according to the Wall Street Journal. Shares fell. Another company run by Twitter CEO Jack Dorsey, Square, reported a big leap in revenue in its first report as a public company. Shares of the mobile payments firm fell. Williams Companies the biggest decliner on the S&P 500. Its acquirer, Energy Transfer, said it's making a private offering to help pay for the deal. Dollar General shares rose after the discount retailer said heavier store traffic and more spending by customers boosted quarterly same-store sales.