S&P Futures Surge Amid Reports Of Massive ECB QE

S&P 500 futures rallied Wednesday morning amid reports that European Central Bank will meet Thursday to reveal a massive quantitative easing program aimed at purchasing sovereign bonds.

The new QE program is expected to make purchases at a rate of $58 billion (EUR 50 billion) per month for a minimum of 12 months.

According to Dow Jones, the “ECB's executive board met Tuesday to decide on the proposal, which will form the basis of deliberations by the entire 25-member governing council on Thursday. The final number and details could change after the full board weighs in on the plan.”

Sources speaking to Bloomberg also expected the amount to come in at approximately EUR600 billion over one year, which is higher than the EUR 500 billion that analysts had previously expected.

The S&P 500 futures index gave back some of earlier gains and recently traded at the 2018.15 level, up 0.07 percent.

The SPDR S&P 500 ETF Trust (NYSE: SPY) recently traded at $202.51, up 0.21 percent.