Stock futures are indicating a higher open for U.S. equity markets today following the cash infusion Countrywide Financial will get from Bank of America and the significant rally in Asia.

Yesterday U.S. stocks rose yesterday as continued chatter and hopes the Federal Reserve would cut the Fed fun rate helped push the Dow up 145 points, or 1.1%. The Nasdaq and the S&P 500 made similar gains.

The rally seems to be continuing today as investors seem to be more confident banks will help prevent damage to the economy from the troubled credit market.

Bank of America Corp. (NYSE: BAC) announced after the close yesterday it would invest $2 billion into Countrywide Financial Corp. (NYSE: CFC). Not only will this infusion help contain the problems at the troubled mortgage company, but may also help prevent further losses. Some even see this as a precursor to a full merger between the two. Countrywide shares jumped 19% in Frankfurt trading while Bank of America shares rose 0.9%. In premarket trading BAC shares are up 1.16% as of 7:00 a.m. and CFC shares up 18.47% as of 7:16 a.m. Wachovia also upgraded CFC to Market Perform from Underperform following BAC's investment.

Not only that, but globally stocks rose with Asia staging quite a rally. Tokyo's Nikkei 225 average ended 415.68 points higher, rising 2.6%. Hong Kong's Hang Seng Index ended 2.8% higher. European shares gained for the fifth session in a row, with miners in the lead.

Economic data today includes weekly jobless claims at 8:30 a.m.

As for the Fed, it seems that at least the reduced discount rate helped banks as several said the borrowed from the Fed discount facility. While usually not the best sign that banks need to borrow so much money, it may indicate in this case that an easing on credit may follow.

Earnings reports from retailers are expected today including Gap Inc. (NYSE: GPS) and Bebe Stores Inc. (NASDAQ: BEBE).