US STOCKS-Wall St drops despite ECB move as earnings disappoint

Thu Jan 22, 2015 10:11am EST
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* ECB President Draghi announces bond-buying program

* Verizon, American Express both fall after results

* Royal Bank of Canada to buy City National

* Dow down 0.2 pct, S&P 500 flat, Nasdaq down 0.2 pct (Updates to market open)

By Ryan Vlastelica

NEW YORK, Jan 22 (Reuters) - U.S. stocks fell modestly on Thursday after the European Central Bank announced expanded measures to stimulate the region's sagging economy, as expected, while shares of some bellwether U.S. companies fell on disappointing results.

The ECB will buy 60 billion euros worth of assets per month, more than expected, in a program that will last through September 2016.

U.S. stocks were volatile as ECB President Mario Draghi spoke, fluctuating between solid gains and modest losses, while shares in Europe jumped 1 percent.

"The news was widely anticipated and built into the market, and if anything, the fact that more bonds will be bought than expected could just mean that conditions are worse than we thought," said Rex Macey, chief allocation officer at Wilmington Trust Investment Advisors in Atlanta, Georgia.   Continued...