"We're waiting for the ECB tomorrow, and then the Fed next week," said Bernard Kavanagh, vice president of portfolio management for St. Louis-based broker Stifel Nicolaus.
Investors are expecting ECB president Mario Draghi to announce the details of a new bond-buying program for euro-area governments that agree to certain terms. The program will involve unlimited purchases of bonds, which will be "sterilized" to ease concerns about printing money, according to Bloomberg.
Meanwhile, investors are keeping a close watch on all economic numbers ahead of the Federal Reserve's Sept. 12-13 policy meeting, since the reports will likely influence the central bank's decision on whether it will announce more quantitative easing. The government is expected to report Friday that employers added 120,000 jobs in August, according to economists surveyed by CNNMoney.
Companies: Safeway (Fortune 500) announced plans to file for an initial public offering for its prepaid gift card business, Blackhawk Network Holdings. Shares of the California-based grocery chain rose nearly 5%. ,
Shares of FedEx (Fortune 500) fell after the company said Tuesday it would , cut its outlook for the quarter, citing weakness in the global economy. The news also dragged down shares of rival UPS (Fortune 500). ,
The U.S. Justice Department accused BP ( of being "grossly negligent" in its handling of the Deepwater Horizon )oil spill in 2010, which could significantly raise the company's legal liability.
U.S.-listed shares of Nokia ( plunged 14% after the Finnish mobile-phone maker unveiled its )latest smartphones. The new Lumia 920 and Lumia 820 both run on Windows 8, the latest version of Microsoft's (Fortune 500) mobile platform. ,
Economy: The Labor Department said worker productivity in the non-farm business sector increased at a 2.2% annual rate in the second quarter.
Oil for October delivery gained 6 cents to settle at $95.36 a barrel.
Gold futures for December delivery fell $2 to end at $1,694.00 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.58% from 1.56% late Tuesday.
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|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.65%||3.65%|
|15 yr fixed||2.80%||2.78%|
|30 yr refi||3.64%||3.63%|
|15 yr refi||2.79%||2.78%|
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