Portuguese leaders agreed tough new austerity measures on Thursday, joining a coordinated euro zone push that has so far calmed the markets' worst fears of a Greek-style debt crisis spreading.
S&P 500 index futures edged higher on Thursday, reversing an earlier decline, as investors were cheered by a big technology-sector acquisition and Portugal moved to stem its sovereign debt problems.
Asian stocks hit highs for the week on Thursday after new austerity steps pledged by Portugal and Spain raised hopes that Europe's debt crisis can be contained, while IBM's strong profit forecast boosted tech shares.
Gold firmed near a record high reached in the previous session, while the world's largest gold-backed ETF reached an all-time high on Thursday as investors continued to worry that attempts to contain the euro zone debt crisis would either fail or stoke inflation.
Asian stocks rose on Thursday as fresh austerity measures promised by Spain and Portugal gave investors hope that Europe's debt crisis can be contained, while IBM's strong profit forecast gave a further boost to tech shares.
Gold held steady on Thursday after hitting another record near $1,250 an ounce the previous day on continued worries about euro zone debt, while the world's largest gold-backed ETF reached a new all-time high.
Spain belatedly joined the euro zone's austerity bandwagon Wednesday in response to a widening debt crisis as the European Commission sought an unprecedented right of prior review of national budgets.
Gold climbed to a second successive record high on Wednesday as investors bet that a proposed $1 trillion European rescue will either fail to prevent a worsening euro zone crisis or will stoke inflation.
The trade deficit hit its widest point in 15 months in March as a broadening economic recovery boosted demand for foreign goods, with a rise in exports and imports seen as a sign of growing global demand.
Gold surged to a record high on Wednesday as investors sought safety from the risk of Greece's debt crisis spreading to other countries, with demand for coins, bars and bullion-backed exchange-traded funds all climbing.
Spain became the latest euro zone country to announce sweeping austerity measures on Wednesday as the executive European Commission sought unprecedented power to pre-vet national budgets.
Germany's cabinet approved the biggest national contribution to a $1 trillion emergency package intended to stabilize the euro, as global markets sobered up after Monday's euphoric rally.
The euro fell on Tuesday and stocks retreated as a relief rally ignited by a $1 trillion plan to contain Greece's debt crisis ran out of steam, while doubts on how the country will cut its budget deficit persisted.
The euro and stocks fell on Tuesday as a relief rally sparked by a $1 trillion plan to contain Greece's debt crisis gave way to doubts as to how the country will cut its budget deficit.
The euro and stocks fell on Tuesday as a relief rally sparked by a $1 trillion plan to contain Greece's debt crisis gave way to doubts as to how the country will cut its budget deficit.
A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.
A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.
A massive relief rally in financial markets on news of a $1 trillion deal to resolve Europe's debt crisis fizzled on Tuesday on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.
Excitement over the euro zone's mammoth $1 trillion rescue package gave way on Tuesday to doubts whether its weakest economies can meet their end of the bargain and deliver drastic debt cuts, driving the euro and stocks lower.
A massive relief rally in world stocks on news of a $1 trillion deal to resolve Europe's debt crisis slowed down on Tuesday in Asia on nagging doubts about how Greece and other debt-laden euro zone countries will reduce their budget deficits.
Global equity markets staged a massive relief rally on Monday after officials agreed to a $1 trillion emergency rescue package to halt a festering sovereign debt crisis in Europe from engulfing the rest of the world.
Global equity markets staged a massive relief rally on Monday after officials agreed to a $1 trillion emergency rescue package to avert a festering sovereign debt crisis in Europe from engulfing the rest of the world.
