Wall Street looks to open higher

January 16, 2009 5:50:46 AM PST
Wall Street is heading toward a sharply higher open as investors are focusing on big banks attempts to bolster their balance sheets.

The market is showing little reaction to a Labor Department report that the consumer price index fell 0.7 percent in December. The 2008 price change was the lowest in 54 years as the economy continues to weaken.

Investors are more interested in what's happening with banking companies. And they're upbeat about Citigroup and Bank of America working toward returning to profitability.

Citi is splitting its traditional banking business from its riskier assets. Bank of America will receive billions of dollars in support from the government.

Both companies reported billion-dollar fourth-quarter losses Friday.

Dow Jones industrial average futures are up 90, or 1.1 percent, at 8,252. Other major index futures are also higher.

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