U.S. stock indexes pointed to a higher open on Thursday after Bank of America Corp said it would repay $45 billion in taxpayer bailout funds and data showed initial jobless claims fell last week.
Bank of America
The feeling out there in terms of leaders of these companies is they don't want to be working for the government. You end up being caught up in politics, unnecessarily criticized and being made a villain, said Tim Ghriskey, chief investment officer of Solaris Asset Management in Bedford Hills, New York.
The timing is a bit of a surprise, but it helps with the overhang of the management issue and it helps with the overhang of big brother over controlling this bank.
The Select Sector SPDR Financial ETF
The numbers of U.S. workers unexpectedly filing new claims for unemployment unexpectedly fell last week, government data showed, while non-farm productivity was slightly less robust than previously thought.
S&P 500 futures rose 4.4 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 44 points, while Nasdaq 100 futures added 5.5 points.
Several U.S. retailers posted weaker-than-expected sales for November in a slow kickoff to the key holiday shopping season as consumers worried about the economy and unemployment.
Abercrombie & Fitch Co
Toll Brothers Inc
Federal Reserve Chairman Ben Bernanke later Thursday will go before lawmakers considering his nomination to a second term at the central bank's helm.
(Reporting by Chuck Mikolajczak; editing by Jeffrey Benkoe)