New York – Stocks and bond prices fell sharply in the U.S., and even more so in Europe, after the European Central Bank announced stimulus plans that were less aggressive than investors were expecting.
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The Dow Jones industrial average gave up 251 points, or 1.4 percent, to close at 17,477.
The Standard & Poor’s 500 index fell 29 points, or 1.4 percent, to 2,049. The Nasdaq declined 85 points, or 1.7 percent, to 5,037.
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 or aggressively expand its bond purchases.
European bond prices fell, pushing yields higher. The euro rose sharply against the dollar.
U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 2.32 percent.