NEW YORK Wall Street is poised for a sharply higher open after Wells Fargo surprised investors by forecasting a record $3 billion profit for the first quarter.

The news is a welcome sign for investors who have been anxiously anticipating first-quarter earnings reports from banks to determine if the credit and lending markets have improved in recent months.

Major retailers also were reporting their March sales figures. And Investors also are awaiting the weekly report on new jobless claims.

After Wells' announcement, Dow Jones industrial average futures moved up by 106 at 7,899. Standard & Poor's 500 index futures are up 14 at 837, while Nasdaq 100 index futures are up 17 at 1,315.