Last updated January 16th, 2009 7:05 AM ET---Today, U.S. stock futures are sharply higher on news that Citigroup (NYSE:C) will split its company into two parts. The New York based bank posted a fourth-quarter net loss of $8.29 billion or $1.72 per share, a much bigger loss than analyst's expectations. The company said one business, Citicorp, will do traditional banking, and the other, Citi Holdings, will handle the company's riskier assets. The federal government and Bank of America (NYSE:BAC) have come to terms on a deal that would provide the United States largest bank with an additional $20 billion. Also part of the deal, the administration, the Federal Reserve and the FDIC agreed to participate in a program to provide guarantees against losses on approximately $118 billion in various types of loans and securities backed by residential and commercial real estate loans. Economic reports due out today include, The Consumer Price Index at 8:30 AM E.T., the Industrial Production figures at 9:15 AM E.T., and the reading on Consumer Sentiment at 10:00 AM E.T. At the time of this report, S&P futures are up 17.90 versus fair value, Nasdaq futures are up 23.00 versus fair value and Dow futures are up 163.00 versus fair value.

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