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GE, CIT rise after report on bailout funds

NEW YORK
Tue Nov 4, 2008 8:16am EST

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NEW YORK (Reuters) - Shares of General Electric Co (GE.N) and CIT Group Inc (CIT.N) rose after a Wall Street Journal report that the U.S. Treasury Department is considering using more of the bailout fund to buy stakes in a broad range of financial companies.

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The report, citing people familiar with the matter, said companies that provide financing to the broad economy are in focus, including bond insurers and specialty finance firms such as GE's GE Capital unit and CIT Group, among others.

GE rose 2.6 percent to $19.80, while CIT Group was up 10.8 percent at $5.01 before the opening bell.

(Reporting by Leah Schnurr; Editing by Theodore d'Afflisio)
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