Futures jumped sharply Thursday after euro zone leaders agreed on an outline of a plan to solve the euro zone debt crisis and a handful of encouraging economic and earnings reports.
Financials were leading the charge higher, with Bank of America and Citigroup jumping more than 6 percent in pre-market trading. European banks were posting double-digit percentage gains.
European and Asian markets rallied after the deal, although analysts pointed out the plan was light on details.
U.S. GDP rose at a 2.5 percent annual rate in the third quarter, its fastest pace in a year, according to the Commerce Department in its first estimate. That was a big improvement from the 1.3 percent rate in the previous quarter and met matched economists' estimates.
And weekly jobless claims slipped last week by 2,000 to a seasonally adjusted 402,000, according to the Labor Department. Economists had forecast claims falling to 400,000 from the previously reported 403,000, according to a Reuters poll.
“Right now, things are pretty much in line and I’m not sure if that’s enough to sustain things,” said Steven Carl, head equity trader at The Williams Capital Group.
The National Association of Realtors has its August reading of pending home sales at 10am, with that number expected to be unchanged following a 1.2 percent drop in July.
In earnings news, Procter & Gamble gained after household products posted profit that dipped slightly, but met expectations.
And fellow Dow component ExxonMobil rallied after the oil giant reported a profit that soared more than 40 percent, thanks to gains in oil prices and higher refining margins.
Meanwhile, Avon Products slumped almost 10 percent after the firm posted lower-than-expected sales and added it is reassessing its long-term strategy.
Visa slipped after the credit-card provider reported earnings that beat expectations, but revenue fell slightly short.
And Research In Motion faces a rash of consumer lawsuits following its recent four-day BlackBerry outage. The stock was under pressure in the previous session following news it had delayed its Playbook 2.0 operating system until February.
—Follow JeeYeon Park on Twitter: twitter.com/JeeYeonParkCNBC—
On Tap This Week:
THURSDAY: Pending home sales index, 7-yr note auction, Motorola begins pre-orders for Droid Razr on Verizon; Earnings from AMD, Motorola Mobility, Gilead Sciences, Baidu and Electronic Arts
FRIDAY: Personal income & outlays, employment cost index, consumer sentiment; Earnings from Chevron and Merck