Stocks set for higher open

NEW YORK (CNNMoney.com) -- Stocks were poised to open higher Thursday as investors weighed a reading on the U.S. labor market, as well news that Bank of America would return federal bailout funds and a joint venture between General Electric and Comcast.

Dow Jones industrial average, Nasdaq-100 and S&P-500 futures were higher.

Futures measure current index values against their perceived future performance and offer an indication of how markets may open when trading begins.

Stocks ended mixed Wednesday as investors reacted to a shakeup in GM's leadership, record gold prices, and mixed reading of the job market.

Ken Kam, chief executive and co-founder of Marketocracy in San Mateo, Calif., said the gains in futures stemmed from Bank of America's (BAC, Fortune 500) plan to pay back $45 billion in funds received from the Troubled Asset Relief Program.

"It's more indication that the banking system is going to be able to earn its way out of its bad debt or bad loans," he said.

But Kam added that the gains in futures were "modest" because there is still a sentiment among investors that there are underlying problems with the banking sector, and that bailing out the banks is not going to fix the economy.

"There's still substantial uncertainty about this whole financial system," he said.

Company news. The news from Bank of America, however, was quickly overshadowed Thursday morning by an agreement announced Thursday between GE (GE, Fortune 500) and cable operator Comcast (CMCSA, Fortune 500).

The pair confirmed long-running speculation that the two companies would strike some sort of deal. They said they plan to form a joint entertainment company that would be worth $37.25 billion and give Comcast eventual control of NBC Universal.

The joint venture will be 51% owned by Comcast and 49% owned by GE, the companies said, and will be comprised of NBC businesses and Comcast's cable networks.

Economy. On the economic front, the Labor Department said that the number of people filing first-time unemployment claims fell last week to 457,000, its lowest level since September 2008.

That was better than expected as economists were expecting that number to climb to 480,000, up from 466,000 in the previous week.

Things appeared a bit more grim on the retail front, however, as same-store sales fell for many retailers, particularly specialty stores, in November. Many companies had hoped Thanksgiving weekend sales would provide a boost to sagging sales.

In Washington, the Senate Banking Committee is scheduled to hold a confirmation hearing on Ben Bernanke's second term as Federal Reserve Chairman at 10 a.m. ET

The revised reading on third-quarter productivity, the third-quarter employment cost index and the November ISM services sector index are all due as well.

Gold. Gold futures for February delivery surged to a record intraday high of $1,227.50, easing back to $1,215.90, up from the settlement record of $1,213.

World markets. It was the fourth straight day of an Asian stock rally. Tokyo's Nikkei index surged to close up 3.8% amid indication the Japanese government will intervene to lower the yen's value; Hong Kong's Hang Seng index gained 1.1%. European indexes were slightly higher in midday trading.

Currency and oil. The dollar fell against the euro, but was up against the yen and the pound in early trading Thursday.

Crude oil for January delivery rose 68 cents to $77.28 a barrel.