The market closed higher on Wednesday as we head into Thursday's European Central Bank meeting, and everyone is wondering what Mario Draghi will do. European growth slowed down in the first quarter and more stimulus is widely expected. The latest private payroll data showed that the United States added only 179,000 jobs in May, less than economists were expecting. The number is not encouraging ahead of the all-important non-farm payroll number, due out on Friday. The Federal Reserve released its latest Beige Book. Survey shows the economy is recovering slowly. Consumer spending has been going up overall and car sales led household spending. Federal Reserve officials didn't give any specific details on when they plan to hike interest rates, but bond yield is up across the curve. 10-year treasury yield is now back above 2.60.

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