Stories by Courtenay Brown

European Central Bank ends multitrillion-dollar stimulus program

Mario Draghi, the director of the European Central Bank (ECB), at a press conference in the bank's headquarters in Frankfurt, Germany, 26 October 2017.
ECB president Mario Draghi speaking at a press conference last year. Photo: Arne Dedert via Getty Images

The European Central Bank said Thursday that it will end its nearly 4-year-long $2 trillion bond buying program.

Between the lines: The ECB’s decision to end its stimulus program comes amid concerns about slowing economic growth (the central bank also cut its economic growth forecasts on Thursday). There's also extreme uncertainty surrounding Brexit and Italy’s budget negotiations. However, at a news conference following the decision, ECB president Mario Draghi said reinvestment of cash from maturing bonds, plus guidance about how long the bank will hold interest rates at record low levels, will provide “support” to the economy.

Big Tech's hold on the stock market might not last

Data: S&P Dow Jones Indices; Note: 2018 numbers are as of market close on Dec. 7; Chart: Naema Ahmed/Axios

The 4 biggest companies in the S&P 500 are tech companies, and even if you go back to the height of the dot-com bubble in 1999, you won't see this degree of tech dominance in the index.

Why it matters: The companies that have become central to our lives and our politics are now also central to our markets.

Why you should stop worrying about a recession

Illustration of Abraham Lincoln's five-dollar portrait with a sweat drop.
Illustration: Aïda Amer/Axios

One of the biggest risks to the stock market is the fear of a recession, much more so than a recession itself.

The big picture: Yes there will be a recession, but it's almost certainly not going to be another catastrophic financial crisis, like 2008. It could be very mild.

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