U.S. stock exchange traded funds were set to rise Friday as Dow futures were up 90 points before the opening bell on optimism over European debt and Google’s (NasdaqGS: GOOG) earnings beat.
France and Germany are trying to put together a plan to deal with the debt crisis before the European Union summit on Oct. 23, Reuters reported.
Also, officials from the Group of 20 and the International Monetary Fund are discussing giving more firepower to the IMF to stem the crisis as part of a global G-20 agreement next month in France, Bloomberg reported. G-20 officials were meeting in Paris on Friday and Saturday.
“The market has been concerned about the fiscal position of European governments, so using the IMF to take emerging- market money and assist the Eurozone would be a big boost to confidence,” said Grant Turley, a strategist at Australia & New Zealand Banking Group, in the Bloomberg story.
SPDR S&P 500 ETF (NYSEArca: SPY) was up 0.7% in Friday’s premarket. Gold and euro ETFs were also poised to open higher.
Google shares jumped about 6% late Thursday after the company reported better-than-expected quarterly earnings.
Full disclosure: Tom Lydon’s clients own SPY.
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