impact ECB Cheap Loans on stock market

impact ECB Cheap Loans on stock market : Demand for cheap loans from the European Central Bank soared on Wednesday, as the ECB offered billions of Euros worth of three-year loans to the region’s major banks. The banks will have to pay the loans back at a 1% interest rate. The extremely high demand shows just how badly many banks need longer-term funding. The ECB lent out 489 billion Euros, well ahead of expectation for 300 billion Euros, the New York Times reported. Bond yields for Italy and Spanish debt initially fell, but as the day wore on they rose again.

Dow futures fell 26 points to 12,005; S&P 500 futures fell 4.8 points to 1,231.2.

Oracle (ORCL) fell 10% in pre-market trading after reporting disappointing earnings and issuing a weak forecast. Walgreen (WAG) fell 6.7% as its earnings fell on higher costs. Nike (NKE) rose 1.5% after beating earnings expectations. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today

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