A rally in European stocks vanished Thursday, with German shares relinquishing gains of nearly 3%, as the euro jumped on the prospect that the European Central Bank may not continue cutting interest rates. A sharp turn lower in oil prices also played spoiler in the intraday surge for European equities.

The S&P 500 and the Dow industrials finished little-changed in frenetic trading on Thursday, as investors dismissed new easing measures from the European Central Bank and crude futures declined.

Asian stocks were choppy Friday as investors brushed off a bigger than expected stimulus package from the European Central Bank. The reaction in Asia was largely muted on rising doubts that the ECB has enough policy tools to bolster growth and inflation in the eurozone.

Based on MarketWatch materials