(By Salman - iStockAnalyst Writer)US stock futures edged higher before opening bell on Thursday as Congress inched closer towards approving Treasury’s bailout plan.

At 13:32 London time, Europe's Dow Jones Stoxx 600 Index was up 2.48 points (+0.03%) to 266.79. Standard & Poor's 500 Index futures gained 0.4%.

In his address to the nation yesterday, President George W. Bush said the U.S economy stands to face a "long and painful" recession unless a bailout is agreed. Earlier, on Wednesday, Ben Bernanke once again urged the U.S. lawmakers to urgently pass the bailout plan as economy stands to face a “grave threat” from the current crisis.

According to reports Congressional Democrats and Republicans are planning to meet on Thursday to draft a final bipartisan plan.

  GE (GE) on Thursday announced that it expects lower third-quarter and full-year earnings and suspended share buyback citing "unprecedented weakness" in the financial-services industry as the chief reason. The company now expects to earn between $1.95 and $2.10 a share for the year, down from $2.20 to $2.30. GE shares slumped more than 5% in pre-market trade.


Late Wednesday, Nike (NKE) reported a 10% profit drop, beating analyst estimates. First- quarter net income beat by 10 cents the mean estimate as revenue rose 17%. The company attributed the rise in revenue to Beijing Olympics, favorable currency exchange rates and greater marketing spend. Nike climbed 2.8% in European trading.


BlackBerry maker Research in Motion (RIMM) is due to report results after the close.

Washington Mutual (WM) advanced in pre-market trade on reports that the mortgage lender has approached several private-equity firms including Carlyle Group and Blackstone Group for a possible a takeover.

On the front of economic data, Durable Orders for August fell 4.5%, more than 1.3% drop expected by a survey of economists. Weekly Jobless claims also jumped unexpectedly. Initial claims rose 493,000against a forecast of 450,000. August new-home sales is scheduled to be released at 10 am ET .

European markets were trading in positive in afternoon trade. At 13:32, London time, UK FTSE advanced 0.22% while German DAX and French CAC were up 1.34% and 1.65% respectively.

Among Asian stocks, Shanghai Composite rallied and was up 3.6%. Nikkei 225 retreated 0.9% lower in Tokyo.

At NYMEX, Crude oil for November delivery fell as much as $2.38, (-2.3%), to $103.35 a barrel. Dollar was trading weak against Euro before the opening bell.

Disclosure: Author does not own any of the stocks discussed here.