Futures are roaring higher

Stock futures are surging on Friday morning at the end of a short, wild week on Wall Street.

Dow futures were up about 218 points near 7:50 a.m. ET, while Nasdaq futures were up nearly 2%, or 80 points, and S&P 500 futures were up abou 29 points.

On Thursday, stocks rebounded from the sell-off on the previous day, together with oil prices that fell to new 13-year lows.

Crude oil was also spiking on Friday. Brent crude, the international benchmark, rose 6% and climbed back above $30 per barrel. West Texas Intermediate crude futures were also up 6%, climbing to as high as $31.32 per barrel after breaching the $30 mark yesterday.

The other big news Thursday was that European Central Bank president Mario Draghi said there were no limits to what would be done to stimulate growth in the region. In the latest policy decision announced yesterday, the bank left its key deposit rate unchanged at -0.30%, following a cut in December.

Additional stimulus measures could be announced as soon as the ECB's next meeting in March.

In US economic data, the preliminary ISM manufacturing PMI for January is due at 9:45 a.m. ET, and existing home sales at 10:00 a.m. Baker Hughes will publish its oil-rig count data after 1 p.m.

More to come ...