US futures rise on new European budgetary pact

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NEW YORK (AP) — Wall Street is pointing higher after 23 European nations agreed to tie their economies closer together in hopes of heading off any future debt crisis.

Dow futures rose 0.8 percent to 12,033 before the market opened Friday. The broader Standard & Poor’s 500 futures are up 0.8 percent at 1,240.

The 23 countries, 17 euro zone nations and six prospective members, will try to craft a new treaty that will penalize budgetary offenders that threaten the block.

The rising futures follow rising stock indexes in Europe. In Europe, Germany’s DAX is up 1.6 percent at 5,970 while the CAC-40 in France rose 1.8 percent to 3,152. The FTSE 100 index of leading British shares is 0.7 percent higher at 5,522.

The euro is also trading 0.5 percent higher at $1.3413.