Draghi disappointment knocks Wall Street lower

Stocks fell on Thursday, putting the S&P 500 on track for its fourth straight drop, after European Central Bank President Mario Draghi disappointed investors hoping for immediate action to contain the euro zone debt crisis.

Investors also were on edge ahead of Friday's closely watched non-farm U.S. payrolls report for July. Coming after highly anticipated Federal Reserve and ECB meetings, the jobs report could mean a volatile end to an eventful week.

Draghi said the ECB would gear up to buy Italian and Spanish bonds on the open market but would only act after euro zone governments have activated bailout funds to do the same.

After last week's pledge by Draghi to "do whatever it takes" to save the euro, expectations for strong action had been running high. However, Draghi indicated that any ECB intervention would start at the earliest in September.

Read Full Article from Reuters

- Posted: 2012-08-02 14:56:26

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