The ECB's New Lending Program a Success: Why the Sell-Off?
December 21, 2011 at 09:36 AM EST
The European Central Bank three-year loan program at 1 percent, active today, was a success, with banks snapping up 489 billion euros ($641 billion) worth of debt. Stock futures initially rose when the announcement was made at roughly 5:30 a.m. ET, but then quickly reversed, as did the euro. Why the sell-off?