U.S. futures and international markets soared following an announcement to help stabilize European credit markets. The 16 countries that use the euro and the International Monetary Fund have agreed to create a $900 billion fund to support the European nations burdened by heavy debt. Ahead of the opening, U.S. stock index futures were nearly 4% higher. Britain’s FTSE 100 and Germany’s DAX were 5% higher and France’s CAC-40 rallied over 8%.
Looking to the week ahead, there is little data on the economic calendar until Friday’s retail sales report which will be closely studied for consumer strengths and weaknesses. The consensus calls for a rise of 0.2% in April after a 1.9% rise in March. Other notable reports include an international trade report, the weekly jobless claims number, a report on industrial production and a report on consumer sentiment.
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