Futures continue to strengthen ahead of the open; BSC gets financing from JPM, NY Fed, shares up 10% premarket

Futures: S&P: +17.70 Dow: +127 Nas: +25.5
Fair val: S&P: +2.9 Dow: +9 Nas: +5.1

NEW YORK--(BUSINESS WIRE)--Today, JPMorgan Chase & Co. (NYSE: JPM - News) announced that, in conjunction with the Federal Reserve Bank of New York, it has agreed to provide secured funding to Bear Stearns, as necessary, for an initial period of up to 28 days. Through its Discount Window, the Fed will provide non-recourse, back-to-back financing to JPMorgan Chase. Accordingly, JPMorgan Chase does not believe this transaction exposes its shareholders to any material risk. JPMorgan Chase is working closely with Bear Stearns on securing permanent financing or other alternatives for the company.

http://biz.yahoo.com/bw/080314/20080314005430.html?.v=1