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US stock futures forfeit early gains as European Central Bank stands firm on interest rates
NEW YORK (AP) ' U.S. stock futures rose Wednesday but the early gains were trimmed after the European Central Bank left its benchmark interest rate unchanged.
Dow Jones industrial average futures rose 44 points to 12,170. Standard & Poor's 500 futures rose 5.6 points to 1,290.7 and Nasdaq futures gained 15.25 points to 2,504.
Europe's central bank has been urged to cut rates to stimulate a vulnerable economy, but bank President Mario Draghi has said the bank cannot make up for inaction by governments.
Many analysts expected the bank would leave rates steady, saying that the bank's inaction would spur political leaders to hash out some new framework.
The Dow Jones gave up almost half of its gains for the day after the announcement, and other U.S. indexes slid several points as well.
And U.S. worker productivity fell by the largest amount in a year from January through March, according to the Labor Department.
That could be good news for U.S. workers. The steeper drop in production than first estimated suggests companies could hire more in the coming months, because their workers are stretched so thin.
The Labor Department said that productivity fell at an annual rate of 0.9 percent in the first quarter, faster than the 0.5 percent annual decline first estimated last month.