Exchange traded funds tracking stocks and commodities were set for another day of big gains to start the week as a bank merger in Greece and lingering expectations the Federal Reserve will announce additional stimulus at its meeting next month helped boost sentiment Monday.
Two of Greece’s largest lenders, Alpha Bank SA and EFG Eurobank Ergasias SA, announced a merger that would create the country’s largest bank, WSJ.com reported.
ETFs could see lower trading volume Monday as the East Coast cleans up after being devastated by Hurricane Irene over the weekend.
Stocks rose in Europe while Dow futures rose more than 100 points, signaling a sharply higher open in the U.S.
SPDR S&P 500 (NYSEArca: SPY) added 1.4% in premarket trading Monday, while U.S. Oil Fund (NYSEArca: USO) rose 2.3%. Gold futures climbed 1% before the bell, trading over $1,800 an ounce. [Gold, Treasury ETFs See Outflows in Week]
U.S. Oil Fund
Full disclosure: Tom Lydon’s clients own SPY.