U.S. stock futures rose Friday, buoyed by the federal government’s new bailout for Bank of America, despite massive losses from that bank and Citigroup.

At 6:30 a.m. ET, Dow Jones industrial average, Standard & Poor’s 500 and Nasdaq 100 futures were all higher.

Stock futures measure current index values against perceived future performance and offer an indication of how markets will open when trading begins in New York.

BofA bailout: Bank of America (BAC, Fortune 500) received a $20 billion capital injection from the Treasury Department, along with guarantees on $118 billion of assets at the bank. (Full story)

The bank, run by CEO Ken Lewis, has been struggling to absorb its recent purchase of Merrill Lynch. It’s due to report quarterly earnings before the market open, and some analysts are expecting it to post a loss.

Bank earnings: Bank of America also reported a net loss of $1.8 billion for the fourth quarter. For the full year 2008, the bank managed to squeak out a profit of $4 billion, which is less than one-third of its $15 billion net income from 2007.

Bank of America blamed “escalating credit losses” as well as writedowns and trading losses in capital markets. The bank also reported that Merrill Lynch, which it acquired on Jan. 1, lost more than $15 billion in the fourth quarter.

Citigroup (C, Fortune 500) reported a fourth-quarter net loss of about $8.3 billion, or $1.72 per share, blaming write-downs and losses in securities and banking, as well as “higher credit losses.”

The financial giant’s results come out before the opening bell, with analysts expecting a massive loss. For the full year 2008, Citigroup reported a net loss of about $18.7 billion, or $3.88 per share.

The bank also said it was splitting into two parts: Citigroup, to handle traditional banking, and Citi Holdings, to manage the riskier assets.

JPMorgan Chase (JPM, Fortune 500) on Thursday said its profit sank 76% in the latest quarter.

Tech: Stocks to watch include chipmaker Intel (INTC, Fortune 500), which reported a 90% drop in fourth-quarter earnings after U.S. markets closed Thursday. The dismal results were in line with Wall Street’s reduced expectations.

World markets: Stocks in Asia advanced, with Japan’s Nikkei gaining 2.6%. European shares rallied, with markets in London, Paris and Frankfurt all posting gains in morning trading.

Oil and money: Oil continued to trade below $40 a barrel. Oil slipped 3 cents a barrel to $35.37.

The U.S. dollar was lower versus the euro and the British pound, but higher against the yen.