· Major averages closed in the red, with energy shares leading the way lower.
· Bonds rallied, bringing the yield on the 10-year Treasury down to 2.23%
· Oil prices approached seven-year lows as selling pressure continued from last Friday’s OPEC meeting, in which members were unable to reach an agreement to curb production.
· The dollar rallied, further retracing the major decline from last Thursday that was triggered by the ECB stimulus announcement.
· Gold declined, giving back part of Friday’s large gain.
First Rate Hike in Sight
By Matthew Kerkhoff
Friday’s massive rally was driven by a solid November jobs report in the US and dovish reassurance from ECB President Mario Draghi.
After underwhelming the markets with increased stimulus measures on Thursday, Draghi was back at it on Friday, qualifying the ECB’s decision and making it clear that the ECB would step up stimulus measures further if needed.
At the same time, the US jobs report exceeded ... Log in or subscribe to continue reading.