Wall Street looks for upbeat open after rises in Asia, Europe

By Joe Bel Bruno, AP Business Writer

NEW YORK — Wall Street was set for an upbeat start on Monday, with investors enthusiastic that President-elect Barack Obama's plan to launch the largest infrastructure spending package since the 1950s will help boost the crippled economy.

Obama announced over the weekend plans for the largest U.S. public works spending program since the creation of the interstate highway system a half-century ago. That could bolster the economy by putting thousands of people to work building schools and other construction projects.

Investors also appeared more comfortable that Congress is closer to legislation that would dole out billions to America's three biggest automakers within a week.

Major U.S. stock indexes fell last week after a number of reports seemed to indicate the recession is deepening. But, as the week progressed, the market appeared to be taking the bad news in stride.

Ahead of the opening bell, Dow Jones industrial average futures rose 196, or 2.23%, to 8,808. Standard & Poor's 500 index futures rose 21.20, or 2.43%, to 893.60, and Nasdaq 100 futures added 24.75, or 2.10%, to 1,202.75.

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Stocks rallied globally as investors took heart from signs the world's largest economies are redoubling efforts to revive growth. In China, government officials this week are meeting to discuss possible new steps to expand the $586 billion stimulus that is already in place.

Hong Kong's Hang Seng index vaulted 8.7% to its highest close in seven weeks, while Japan's Nikkei 225 average 5.2%. Major European bourses also surged, with Britain's FTSE-100 climbing 5%, Germany's DAX up 6.3%, and France's CAC-40 adding 6.4%.

In other corporate news, Tribune Co. might be heading toward bankruptcy. The owner of the Los Angeles Times and Chicago Tribune, other newspapers and the Chicago Cubs and Wrigley Field, has hired financial advisers ahead of a possible filing for bankruptcy court protection, according to reports Sunday. The Chicago Tribune reported that its parent hired investment bank Lazard and law firm Sidley Austin as it considers its financial options.

Bond prices fell as stocks futures moved higher, with yields continuing to move above record lows. The yield on the benchmark 10-year Treasury note, which moves opposite its price, jumped to 2.78% from 2.70% late Friday.

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