CPI, Circuit City in Focus Today

Today, the markets await news from the government about the consumer price index, a widely watched piece of data that economists will look to for signs of deflation. Those figures are released at 8:30 am.

Later today, we will get an update on the fate of retailer Circuit City, which filed for bankruptcy before the holidays. The only question now is whether investors will buy up the company through a private auction held earlier this week or if the company will have to liquidate. Results of the auction and the company's fate are expected to be made public today.

This morning, global markets are already moving higher on the news that the U.S. government stepped in to provide an additional $20 billion for Bank of America to help the company with its acquisition of Merrill Lynch. In Asia, the Nikkei in Japan leads, trading up 2.58 percent. In Europe, the DJ Stoxx index is up 2.88 percent.

Check back here for more updates throughout the day.

--Sara Goo