Exchange traded funds tracking global stocks rallied Thursday after the European Central Bank said it is cooperating with the Federal Reserve and other central banks to provide additional dollar liquidity in a bid to ease the debt crisis.

In U.S. stocks, SPDR Dow Jones Industrial Average (NYSEArca: DIA) rose 1% as Dow futures climbed more than 100 points at the open.

“This event is an attempt to prevent a run on some European banks in terms of funding, especially dollar based funding. It is a liquidity move for European banks and separate from the fiscal debt issues facing Greece and others,” said Peter Boockvar, equity strategist at Miller Tabak, in a MarketWatch report.

ETFs indexed to European stocks opened sharply higher in the U.S. – Vanguard European ETF (NYSEArca: VGK) gained about 2% as the banking sector led the way. [Europe ETFs Rise After Leaders Soothe Nerves Over Greece]

In currency markets, the euro strengthened against the dollar. CurrencyShares Euro Trust (NYSEArca: FXE) added 1% and gold ETFs traded lower. [Gold and Silver ETFs Lower on Europe, Data]

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