Exchange traded funds tracking the major U.S. stock averages were poised for a slightly higher open Thursday after the European Central Bank stood pat on interest rates but said it would extend loans to troubled banks.
The ECB held its key rate at 1.5%. President Jean-Claude Trichet said the ECB would resume a program of buying covered bonds and conduct longer-term refinancing operations, MarketWatch reported.
Separately, the Bank of England on Thursday said it would resume its bond purchases in an effort to boost the sagging British Economy, The New York Times reported.
Dow and S&P 500 futures were slightly higher in premarket action. SPDR Dow Jones Industrial Average ETF (NYSEArca: DIA) is down about 4% year to date.
Stock ETFs tracking Europe and Asia were also set for a higher open Thursday.
In U.S. economic data, jobless claims climbed above 400,000 in the latest week. On Friday, markets will get the nonfarm payrolls report for September.
SPDR Dow Jones Industrial Average ETF
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.