The dollar was falling against the better-yielding euro, pound and Australian dollars after Fed Chairman Ben Bernanke said the Central Bank is 'virtually' printing money by crediting the accounts that banks have with Federal Reserve via computer.
To lend to a bank, we simply use the computer to mark up the size of the account they have with the Fed, Bernanke said last night during a 60 Minutes interview. So it's much more akin, though not exactly the same, but it's much more akin to printing money than it is to borrowing.
The dollar fell overnight, dragging S&P futures higher, after they opened the session with nearly a 1% loss.
In recent trade, the dollar was moving in risk-acceptance mode, with losses of 0.67% on the euro, 0.73% to Australia's dollar and 0.78% to sterling as it gained 0.22% on the yen.
The DOW was recently trading higher by 1.8%. The broader S&P was higher by 2.04% and the NASDAQ by 0.46%.
Crude for March delivery was trading higher by $1.13 (2.44%) to $47.39 per barrel.
Gold for April delivery was trading lower by $7.30 (-0.79%) to $922.50 per ounce.