At the two-day European Union summit in Brussels, European Union leaders struck a deal early Friday to ease the recapitalization of struggling banks, which should help draw the eurozone back from the brink of its debt crisis. The deal includes a European banking union with capital injections that will go straight into banks.
European Union leaders are hoping for implementation of the bank agreement by July 9.
European stocks surged in afternoon trading on news of the EU deal and Asian markets ended higher.
This is the end of the first half of the year with the Dow, S%P 500 and Nasdaq all in positive territory for the year-to-date. Check tonights post for all the stats.
The national average price of gasoline fell 1.6 cents overnight, dropping to $3.353 per gallon.
0700 ET Fed’s Rosengren speaks in Amsterdam on banking crisis.
0830 ET May personal income expected +0.2% m/m, Apr +0.2% m/m. May personal spending expected unchanged m/m, Apr +0.3% m/m. May PCE deflator expected -0.2% m/m and +1.5% y/y, Apr unchanged m/m and +1.8% y/y. May core PCE deflator expected +0.2% m/m and +1.8% y/y, Apr +0.1% m/m and +1.9% y/y.
0830 ET USDA Acreage and Quarterly Grain Stocks reports.
0905 ET Fed’s Bullard speaks on economy in Arkansas.
0945 ET June Chicago Purchasing Managers index expected -0.2 to 52.5, May -3.5 to 52.7.
0955 ET Final-June U.S. consumer confidence index (University of Michigan) expected unchanged from early-June level of 74.1, early June -5.2 to 74.1.