The markets appear set to start higher this morning, following a 4% sell-off yesterday. Automakers continue to be in focus after General Motors and Chrysler asked the government for $22 billion more to stay in business. Investors will also be hoping for details of President Obama's plan to save homeowners from foreclosure.
On the economic front, U.S. builders broke ground on the fewest houses on record. Housing starts plunged 17% last month to an annual rate of 466,000, lower than projected, according to the Commerce Department. Building permits, a sign of future construction, also decreased. Industrial production, meanwhile, dropped by a bigger-than-expected 1.8% in January, hurt by a steep drop in auto production as vehicle sales slumped. At 2 p.m. ET, Fed Chairman Ben Bernanke is scheduled to speak about the Federal Reserve's lending programs and balance sheet.
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