Are you using custom excerpts, or the built-in "the_excerpts()"? custom excerpts don't include the ellipse.
here is some code you may find useful to customize excerpts. If you decide to use one of these the code gets placed in your theme's functions.php file.
Replace Excerpt [...] ellipse with user-defined text (put in functions.php)
function excerpt_ellipse($text) {
return str_replace('[...]', ' <a href="'.get_permalink().'">Read more...</a>', $text); }
add_filter('the_excerpt', 'excerpt_ellipse');
If, however, you are writing your own excerpts and want to add a Read More permalink, replace:
<?php the_excerpt(); ?>
with this:
<?php the_excerpt(); ?><span class="read_more"><a href="<?php the_permalink(); ?>">[ Read More → ]</a></span>