Equities Rebound as ECB Lowers Rates

Stocks are rebounding this morning after a sharp drop yesterday.

S&P 500 futures are up by about one-third of a percent and have been gaining in the last hour, following a decline of almost a full percentage point on Wednesday. Markets are mostly higher across the Atlantic after the European Central Bank cut interest rates by 25 basis points. Asian bourses were mostly lower overnight.

The S&P 500 has been churning in a range for the last month as it attempts to break free of the previous peak in October 2007. The index closed Tuesday at a new all-time high but is still not far from that level.

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