Futures Explode Higher After Summers Bows Out

Earlier, we learned that former Treasury Secretary Larry Summers withdrew himself as a candidate for the next Chairman of the Federal Reserve.

Summers was long considered one of the top two or three candidates to fill the seat that's expected to be vacated in January by current Chairman Ben Bernanke.

Summers was considered more hawkish than the favorite, current Fed Vice Chair Janet Yellen.

"Stocks should do very well," tweeted PIMCO's Bill Gross.

Currently, the dollar is falling, and U.S. stock index futures are exploding higher.

Here's a look at S&P futures via FinViz.