* Bank of America to repay TARP
* Jobless claims, ISM, productivity data on tap
* November sales results pour in
* Futures up: Dow 33 pts, S&P 4.5, Nasdaq 4.25 pts
By Chuck Mikolajczak
NEW YORK, Dec 3 (Reuters) - U.S. stock index futures rose
on Thursday after Bank of America Corp said it would repay $45
billion in taxpayer bailout funds.
Bank of America <BAC.N> shares rose 4.2 percent to $16.30
in premarket trade after the surprise announcement on
Wednesday, which marks a victory for outgoing Chief Executive
Kenneth Lewis and could free the top U.S. lender from pay curbs
as it looks to hire a new CEO. For details, see []
The Select Sector SPDR Financial ETF <XLF.P> rose 0.8
percent to $14.78 premarket.
"The news out of Bank of America and most likely the
economic data continuing to show the economy is in a growth
mode means we are looking at a market that will move higher,"
said Peter Cardillo, chief market economist at Avalon Partners
in New York.
"The risk factor continues to grow, which is supporting
higher equity prices."
Investors awaited data on productivity, weekly jobless
claims and ISM non-manufacturing index as well as November
same-store sales from major retail chains. Early data from
Thanksgiving weekend shopping from Thursday through Sunday
showed only a slight increase in sales, pressuring retailer
shares.
Comcast Corp <CMCSA.O> struck a deal to buy a majority
stake in NBC Universal from General Electric Co <GE.N>,
creating a media superpower that would control production as
well as delivery to the home. []
Comcast gained 0.2 percent to $14.97 premarket, while GE
added 1 percent to $16.23.
S&P 500 futures <SPc1> rose 4.5 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 <DJc1> gained 33
points, while Nasdaq 100 futures <NDc1> added 4.25 points.
Costco Wholesale Corp <COST.O> fell 2.3 percent to $59.45
premarket after the warehouse chain posted a 6 percent rise in
November same-store sales, aided by an increase in gas prices
and a weaker U.S. dollar, but fell short of estimates.
[]
Toll Brothers Inc <TOL.N> shed 1.2 percent to $19.25 in
light trade after the luxury homebuilder recorded a
wider-than-expected quarterly loss, but said it was seeing
signs of recovery from a declining cancellation rate and an
improved pace of contract signings. []
Federal Reserve Chairman Ben Bernanke will go before
lawmakers considering his nomination to a second term at the
central bank's helm. []
European shares edged higher for a third consecutive
session Thursday as Bank of America boosted financials.
[]
Asian stocks also advanced, led by a nearly 4 percent jump in
the Nikkei index. []
The Nasdaq rose Wednesday as strong online holiday sales
boosted retailers, while the Dow edged lower as falling oil
prices prompted a sell-off in energy shares, and the Standard &
Poor's 500 finished flat. []
(Reporting by Chuck Mikolajczak; editing by Jeffrey
Benkoe)
((Charles.mikolajczak@thomsonreuters.com; +1 646 223 5234;
Reuters
Messaging:rm://Charles.mikolajczak.reuters.com@reuters.net))
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