NEW YORK (AP) — U.S. stocks are trading modestly lower and European markets fell sharply after the European Central Bank announced stimulus plans that were less aggressive than investors were expecting.
The Dow Jones industrial average was down 44 points, or 0.3 percent, to 17,685 as of 11:55 a.m. Eastern time.
The Standard & Poor’s 500 index slipped 7 points, or 0.4 percent, to 2,072. The Nasdaq declined 14 points, or 0.3 percent, to 5,109.
The declines in Europe were far greater. Germany’s DAX index plunged 3.6 percent after the ECB didn’t cut rates as much as expected. It also didn’t expand its bond purchasing program.
European bond prices fell, pushing yields higher. The euro rose against the dollar.
Among U.S. stocks, chipmaker Avago Technologies soared 11 percent after reporting a jump in earnings.
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