* Time Warner Cable up as Charter nears bank deal for bid
* Dow heads for seventh straight week of gains
* Futures: Dow up 11 pts, S&P flat, Nasdaq up 3 pts
NEW YORK, Nov 22 (Reuters) - U.S. stock index futures were little changed on Friday as investors paused after the Dow industrials closed above 16,000 for the first time, amid a dearth of data and ahead of a holiday-abbreviated week in the United States.
* The Dow's new record came Thursday as data on inflation and the labor market soothed fears the Federal Reserve could be ready to start winding down a stimulus program that has lifted the benchmark S&P 500 more than 25 percent this year.
* A decision on whether to approve Bank of America's proposed $8.5 billion settlement with investors in mortgage securities is in the hands of a New York state judge, after a nine-week court proceeding ended on Thursday. The bank's shares edged up 0.5 percent in premarket trading.
* S&P 500 futures dipped less than a point and were slightly above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 11 points and Nasdaq 100 futures added 3 points.
* The Dow was on track to close a seventh straight week of gains, its longest streak since an 8-week positive run between December 2010 and January 2011.
* Foot Locker shares rose 3.9 percent in premarket trading after the retailer posted third-quarter earnings.
* Charter Communications is nearing an agreement with banks to raise funds for a bid for Time Warner Cable , the Wall Street Journal reported, citing people familiar with the situation. TWC shares jumped 5.1 percent premarket.