U.S. stocks fell for a fifth day on Thursday, with the S&P 500 finishing below 2,000 for the first time in a month, as crude prices fell, large U.S. banks reporting disappointing results, and Switzerland’s central bank unexpectedly gave up its minimum exchange rate.
“Central bankers were surprised today, and investors too, by the whole Swiss thing,” Kim Forrest, senior equity analyst at Fort Pitt Capital, said.
“It foretells what happens next week, if they are going to massively do QE (quantitative easing), which is kind of what is indicated by the Swiss move today,” said Forrest, who added that what remains unclear is “how forcibly (European Central Bank President Mario) Draghi is going to be able to do QE.”
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