European Central Bank Expected to Extend Stimulus Program Even as Fed Gears Up for Hike

The European Central Bank will expand its life support to the eurozone, following its policy meeting Thursday, even as the Federal Reserve prepares to move the other way, according to one expert. "We think they'll both extend the timeline and also maintain the 80 billion euro per month purchasing program, said Darrell Cronk, president of Wells Fargo Investment Institute, based in New York, adding that the eurozone economic data isn't strong enough to warrant a tapering of the stimulus. Cronk said the ECB also doesn't want to raise borrowing costs throughout the eurozone, which may happen if they scale back their stimulus. The Federal Reserve is expected to raise interest rates later this month. TheStreet's Scott Gamm reports from Wall Street.