Stock futures higher on Wall Street
Stock futures are rising, as are shares of Bank of America, after the nation's second-largest bank reported that its profit surged to $3.44 billion during the fourth quarter.
KEEPING SCORE: The Dow Jones industrial average futures are up 26 points to 16,325. The Standard & Poor's 500 index futures have gained three points to 1,836 and Nasdaq composite futures are up 13 points to 3,586.
BANK EARNINGS: Bank of America climbed 2.6 percent in premarket trading after reporting that loans on its balance sheet continue to improve. The bank's provision for credit losses fell to $336 million, from $2.2 billion in the same period a year earlier. Even its mortgage division, which took huge losses after the housing bubble popped, improved.
WHOLESALE PRICES UP: U.S. wholesale prices increased in December, pushed up by rising gasoline prices and energy costs. But overall inflation remained mild. The Labor Department says the producer price index, which measures costs before they reach the consumer, rose 0.4 percent last month.
TREASURIES AND COMMODITIES: The yield on the 10-year Treasury note rose to 2.89 percent from 2.87 percent on Tuesday. The price of oil climbed 38 cents, or 0.4 percent, to $92.99 a barrel. Gold fell $9.10, or 0.7 percent, to $1,236.50 an ounce.
