Scoreboard: Draghi whirlwind

The prospect of an ECB rate cut next month pushed the euro lower and stocks higher, but failed to hold Wall Street in the end.

US stocks had pushed higher initially, buoyed by a better-than-expected jobless claims result and price action over in Europe. The market had expected claims to dip from last week’s 342,000, but ‘only’ to 325,000. Following the surprise strength in payrolls recently, anything better than that was likely to spur some buying interest in the market -- and it did initially after claims came in at 319,000 (week to May 3). The Dow hit a record high at that point.

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