Stocks were poised to open higher as investors consider Bank of America’s decision to pay back all of its federal bailout funds ($45 billion), and as General Electric and Comcast formed a joint entertainment company.
Stock futures added to the early gains after the government reported that weekly jobless claims fell to their lowest level in 14 months. A report showed that 457,000 initial claims were filed last week. Analysts were expecting claims to rise to 480,000 from last week's downwardly revised 462,000 claims. This report coincided with a report on third quarter productivity. The Labor Department said productivity, which measures hourly output per worker, rose at an 8.1% annual rate, the quickest since 2003.
At 10:00 am ET, the Institute of Supply Management will issue its monthly non-manufacturing index, with economists looking for a reading of 51.7. That would be up from last month’s 50.6, and above the 50 mark that is views as the dividing line between expansion and contraction.
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