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AP
Stock Futures Point to Higher Open
Thursday August 23, 8:23 am ET
By Joe Bel Bruno, AP Business Writer
Wall Street Appears Headed to Higher Open As Credit Worries Ease at Countrywide
NEW YORK (AP) -- Stock futures pointed to a higher opening Thursday, with some investors relieved that troubled mortgage lender Countrywide Financial Corp. will receive a $2 billion capital infusion to help contain its problems.
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Bank of America Corp. announced late Wednesday it will invest the money in the nation's largest mortgage lender to help it better weather problems in the global credit markets. The investment was seen as a way to not only prop up Countrywide, but also prevent any further losses at the mortgage lender from hurting the underlying economy.
The move may reassure investors that the mortgage and credit crisis is easing, although a number of major banks and home lenders continue to face difficulties. On Wednesday, Lehman Brothers Holdings Inc. said it would close its BNC Mortgage unit and slash 1,200 jobs; HSBC Holdings PLC and Accredited Home Lenders Holding Co. also said they would eliminate jobs.
U.S. stocks rose Wednesday, lifting the Dow Jones industrials 145 points after Bank of America, Citigroup Inc., JPMorgan Chase & Co., Deutsche Bank AG, and Wachovia Corp. said they borrowed money from the Federal Reserve to help reassure markets. Borrowing money from the central bank is usually seen as a negative action by banks, but the move was designed to bolster the financial system after the Fed cut its discount rate last week.
Dow futures expiring in September rose 55, or 0.39 percent, to 13,330, while Standard & Poor's 500 futures rose 8.60, or 0.59 percent, to 1,477.50. Nasdaq 100 index futures added 11.50, or 0.59 percent, to 1,956.50.
Growing investor confidence was reflected Thursday in big gains overseas markets. Britain's FTSE 100 rose 1.04 percent, Germany's DAX index rose 1.03 percent, and France's CAC-40 rose 1.06 percent. In Asia, Japan's Nikkei stock average rose 2.61 percent. Hong Kong's Hang Seng Index rose 2.77 percent.
In economic news, the Commerce Department releases its monthly measure of durable goods orders. Durable goods orders are anticipated to have risen 1.0 percent in July, a slightly smaller jump than the increase in June.
Investors were also looking ahead to Friday's report from the Commerce Department on new home sales and prices.
The weekly Fed report on bank borrowing from its "discount window" will be released after the market closes. It will garner more attention than usual as the data will show other financial institutions that took advantage of central bank loans.
Turkey and pork processor Hormel Foods Corp. said fiscal third-quarter profit fell 4 percent due to weakness in its chunk chicken and Chi-Chi's sauce businesses, but it reaffirmed guidance for the fourth-quarter and full year.
After the closing bell, earnings reports from retailers including Gap Inc., Aeropostale Inc. and Bebe Stores Inc. will be closely watched as another snapshot of consumer spending.
Oil prices rose 39 cents to $69.65 in premarket trading on the New York Mercantile Exchange. Crude prices have fallen after it appeared there was no major damage to oil rigs as Hurricane Dean pushed through Mexico.