Market Wrap: ECB: 'Let's Lend'; Jefferies Volatile Session; the Greeks: Not Just for Options Anymore; Less Jobless File

Market wrap-up for November 3rd

End of the Day: Dow Jones up 208 to 12,044.47; Nasdaq up 57.99 to 2,697.97; S&P 500 up 23 to 1,261.15

The following is a brief summary of events moving markets today:

• The European Central Bank (ECB) decided to make Thursday a little sweeter, with a rate cut! Earlier in the session, the ECB announced a 25 basis point rate cut, bringing it down to 1.25 percent. The cut will take effect November 9th.
  
  The interest rate on the marginal lending facility will be decreased by 25 basis points to 2.00%, with effect from 9 November 2011.
  
  
• Financial firm flails following false finger: Jefferies Group (NYSE: JEF) investors probably had a bit of a myocardial infarction earlier when shares plummeted just over 20 percent to a new 52-week low, as questions were raised about the firm's sovereign debt exposure. Jefferies issued a statement here about exposure, and even found a little support from some analysts.
  
  The event was set off by a ratings downgrade at Egan-Jones.
  
  Basically, Jefferies said its net investor exposure is 1 percent or less, and not a material event. We'll see...
  
  
• More flip-floppin' than Obama at a town hall: Greece drops referendum plan...wait, no it didn't. Yes, it did. Now, it's no, the referendum is still on. Final answer: it's dropped. Greek Prime Minister George Papandreou, faced with resistance in his own party, decided to shelve the idea.
  
  Should the plan have moved forward and met requirements for a 'no' vote, Greece might have faced a possible exit of the euro zone.
  
  
• Good news in the job sector: Initial claims fell below a pivotal point last week, as less firings occurred amid continued economic uncertainty. About 9,000 less claims were made, bringing the number down to 397 thousand for the week ended October 29th.
  
  
• Just when you think a BofA headline wouldn't happen, guess what?: Bank of America (NYSE: BAC) is said to be exploring the issuance of common stock and senior notes in exchange for shares of preferred stock. The company said it would not issue more than 400 million shares of common stock or $3 billion in new senior notes in connection with these exchanges.
  
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