U.S. stock futures were stronger on Thursday after Bank of America stepped in to back lender Countrywide Financial.

Bank of America injected US$2 billion into the beleaguered mortgage lender.

In today’s economic news, Statistics Canada reported that Canadian corporate profits eased back in the second quarter following four quarters of modest growth.

Profits of $62.1 billion remained near their record high, at 0.7% below first-quarter levels. Declines in the manufacturing and insurance sectors were partially offset by gains from wholesalers, retailers and real estate companies.

The Canadian dollar opened at 94.89 cents US, up 0.87 of a cent.

The Federal Reserve weekly report on discount window loans will be released at 16:30 ET.

Citigroup, Wachovia, J.P. Morgan Chase and Bank of America all said on Wednesday they borrowed US$500 million from the Fed discount facility, which charges 5.75% interest.

In today’s earnings Toronto-Dominion Bank said third-quarter profit rose to $1.1 billion from a year-earlier $796 million on profit gains throughout the company. The bank also announced an increase in its quarterly dividend.

Overseas, the Bank of Japan held interest rates steady, helping the Nikkei 225 to climb 2.6% in Tokyo.

The FTSE 100 in London advanced for the fifth straight session, up 0.9%.

Crude-oil futures rose 41¢ to US$69.67 a barrel.

The Toronto stock market powered ahead for a fourth straight session on Wednesday, as mining and metals issues led a broad-based advance.

The S&P/TSX composite index closed up 224.43 points, or 1.7%, at 13,463.14.


The junior S&P/TSX Venture composite index jumped 57.27 points, or 2.26%, to 2,588.11.

In New York, U.S. stocks rose on Wednesday as takeover activity resurfaced and credit markets stabilized, luring investors back into riskier assets such as equities.

The Dow Jones industrial average climbed 145.27 points, or 1.11%, to end at 13,236.13. The S&P 500 was up 16.95 points, or 1.17%, at 1,464.07. The Nasdaq composite index was up 31.50 points, or 1.25%, at 2,552.80.

The Nasdaq rose for a fourth session in a row and is now up 5.7% for the year.