Stocks head to higher open as market awaits inflation data

NEW YORK -- Wall Street was expected to shoot higher at the opening amid a growing belief that the worst of the credit crisis is over. Economic data showing tame inflation added momentum to stock futures' upward track.

Dow Jones industrial futures soared 410 points with half an hour to go before the 9:30 a.m. EST opening of trading.

Investors, who were already regaining optimism Tuesday that fallout from the summer's credit crisis might not be as bad as feared, got more good news Wednesday. Bear Stearns Cos. Chief Financial Officer Sam Molinaro said the investment bank's leveraged finance business is improving. He said the company expects to take a $1.2 billion writedown during the fourth quarter, which eased concerns that it could have been much higher.