Dow futures were higher by nearly 100 points Friday after European leaders announced closer fiscal ties to fight the credit crisis following a much-hyped summit.
“The leaders have now defined the end point they want to reach in terms of fiscal governance, but it’s a long way to go there,” Thomas Mayer, chief economist at Deutsche Bank, told Bloomberg. “We’ll probably see more near-term tension and that will probably then trigger a more hands-on intervention by the ECB.”
SPDR S&P 500 (NYSEArca: SPY) rose 1% in Friday’s premarket trading.
In precious metals, gold and silver ETFs were set for a higher open following the European summit news.
In currencies, the euro strengthened slightly against the dollar.
Here’s a look at the top ETF stories making the rounds online this morning:
- ETFs on Steroids. [Bloomberg Businessweek]
- ETF Focus: Greece. [The Street]
- How well do you know your gold miners ETF? [Seeking Alpha]
- State Street plans long/short inflation ETF. [Index Universe]
- Miner ETFs Fall Harder Than Gold in Metals Sell-Off. [ETF Trends]
- Technical Picture in U.S. Stocks, Treasuries and the Dollar. [ETF Trends]
Full disclosure: Tom Lydon’s clients own SPY.