Reply #14: U.S. Stock Futures Rise as Obama Pledges Spending; GE, GM Gain

[ozymandius]

Dec. 8 (Bloomberg) -- U.S. stock futures rallied after President-elect Barack Obama pledged the largest infrastructure- spending package since the 1950s to stimulate economic growth and lawmakers worked to reach an agreement on automaker aid.

Citigroup Inc. and General Electric Co. rose more than 2 percent in Germany after Obama said he’s planning the biggest spending package since President Dwight D. Eisenhower created the interstate highway system. General Motors Corp. and Ford Motor Co. jumped more than 20 percent after U.S. lawmakers agreed in principle with the Bush administration on providing funds to prevent the collapse of GM and Chrysler LLC.

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Obama said Dec. 6 he will boost investment in roads, bridges and public buildings to create or preserve 2.5 million jobs after companies cut payrolls at the fastest pace in 34 years.

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The legislation is taking shape after House Speaker Nancy Pelosi dropped her opposition to drawing on $25 billion in funds from the Energy Department intended to help automakers develop more fuel-efficient vehicles, according to a Democratic aide who declined to be identified.

http://www.bloomberg.com/apps/news?pid=20601084&sid=aeWxoQ0N4dF0&refer=stocks