Exchange traded funds tracking risk assets rallied and the euro jumped versus the dollar Thursday on headlines European Union officials have reached a deal on a second financial bailout for Greece.

SPDR S&P 500 ETF (NYSEArca: SPY) climbed more than 1% along with U.S. Oil Fund (NYSEArca: USO) as crude futures briefly traded above $100 a barrel.

CurrencyShares Euro Trust (NYSEArca: FXE) also gained over 1% after Reuters reported EU leaders were set to a promise a “Marshall Plan” of public investment to help Greece get back on its feet. [Euro ETFs in Focus Before EU Meeting]

The greenback lost ground against most rivals – PowerShares DB US Dollar Bullish (NYSEArca: UUP) fell nearly 1%. Gold ETFs were flat in recent trading.

The CBOE Volatility Index, Wall Street’s fear gauge, declined as markets embraced a “risk on” posture. [Risk On, Risk Off — Sector ETF Correlations Spike]

The iPath S&P 500 VIX Short-Term Futures ETN (NYSEArca: VXX) was down over 4%.