Will the markets extend massive rally?
Evan McDaniel | firstname.lastname@example.org
S&P 500 futures are up 4.75 points, or 0.33 percent, to 1435.75 at the time of this writing. Nasdaq 100 contracts are higher by 8.75 points, or 0.31 percent, to 2834.25. The SPX closed yesterday at a four-year high, while the NDX reached its highest level since December 2000. (See related story)
European indexes are gaining as Spanish and Italian bonds drop following the European Central Bank's bond-buying program announced yesterday morning. The German DAX is rising 0.91 percent, and the U.K. FTSE 100 is up 0.29 percent.
Asian indexes closed higher after a plan to build roads in China stoked investor optimism, adding to the momentum of the ECB move. Strength in the region was led by a 3.09 surge in Hong Kong's Hang Seng and a 2.2 percent gain in Japan's Nikkei 225.
Currency markets are showing bullish signs as well, with the euro/dollar adding 0.47 percent to 1.2708 while U.S. Dollar Index futures fall 0.28 percent to 80.81. The bond market is also indicating a risk-on trade, with lower prices for 30-year Treasuries.
Oil prices are recovering from yesterday's losses, with front-month crude futures higher by 0.68 percent to 96.15. Copper prices are soaring by 2.09 percent to 3.59, a four-month high, following China's highway stimulus plan. Spot gold prices fell through the 1700 level late yesterday and are now down 7.50 points, or 0.44 percent, to 1689.10.
In company-specific news, shares of Intel are off about 2 percent in early trading after the chip maker cut its third-quarter revenue outlook. Shares of Bank of America are up nearly 1 percent in pre-market trading, adding to yesterday's gains.