European markets are called to open positive this morning.
Asian stocks rose for a fourth day, the yen weakened against the dollar and bond risk fell amid optimism European officials will contain the region’s debt crisis. South Korea’s won climbed to a three-year high.
U.S. stocks surged on Thursday, following news that European leaders reached an agreement to contain Greece’ debt crisis.
Gains were further fueled by reports that the White House and House Republicans may have reached an agreement regarding the country’ deficit problems and the debt ceiling. Both the White House and House Speaker John Boehner ‘ offices denied the reports.
The Dow Jones industrial average ended 153 points higher, or up 1.2%, at 12,724; the S&P 500 added 18 points, or 1.4%, to 1,344 and the Nasdaq composite rose 20 points, or 0.7%, to 2,834.
Market gains were broad, with 29 out of the 30 members of the Dow higher. The blue chips were led by shares of Walt Disney, Bank of America and Cisco. The only Dow member lower was Intel (INTC, Fortune 500), which was down less than 1%. The chipmaker reported its earnings after Wednesday’ closing bell.
Events this week
Friday — Four Dow components report their quarterly results on Friday: Verizon, General Electric, Caterpillar and McDonald’.
Analysts expect that Verizon earned 55 cents a share last quarter, while GE earned 32 cents a share, McDonald’ had a profit of $1.28 per share and Caterpillar earned $1.79 a share.
Other names reporting on Friday include former Dow member Honeywell, imaging company Xerox and oil company Schlumberger.
There’ no scheduled economic data out this day.