The euro rose from its lowest in almost a year after Germany’s finance minister said comments by European Central Bank President Mario Draghi advocating support for euro-zone fiscal policy were “over-interpreted.”
The Standard & Poor’s 500 Index added 0.2% at 10:50 a.m. in New York, after jumping 0.7% earlier. The Nasdaq Composite Index dropped 0.4% as technology shares slid. The Stoxx Europe 600 Index declined 0.5%.
The Stoxx Europe 600 Index increased 0.7% to 324.99 at 4:30 p.m. in London, taking its advance this week to 0.8%. The equity benchmark rallied 1.5% yesterday as the European Central Bank left interest rates at a record low.
The aftermath of the Depression in Europe gives a vivid demonstration of the power of monetary policy. One group of countries stayed on the gold standard; others came off and devalued their currencies.