The euro fell against the U.S. dollar as news broke that Portugal was set to start talks on a $107 billion bailout. Portugal follows Greece and Ireland, becoming the third nation in the European Union needing an international rescue package. Investors are awaiting today’s European Central Bank meeting on monetary policy to see whether interest rates are hiked, as expected, or the ongoing sovereign debt issues lead the ECB to stay pat.
Gold and silver prices showed a muted reaction to today’s news, trading at $1,461 and $39.60 per ounce, respectively. S&P 500 stock futures rose 0.90 to 1329.80 ahead of the opening bell on Wall Street while oil gained $0.12 to $108.95 per barrel.