NEW YORK - Stocks are rising in early trading as investors await key reports on manufacturing and housing.

A surprise profit from Ford Motor Co. is helping to support the early gains. Ford says deep cost cuts and the government's Cash for Clunkers rebates helped it earn nearly $1 billion in the third quarter.

Investors are hoping a report on manufacturing activity shows continued improvement in the industry. The market will also get reports on pending home sales and construction spending Monday morning.

News that CIT Group Inc. has filed for bankruptcy protection does not come as a big surprise.

The Dow Jones industrials are up 38 at 9,751. The Standard & Poor's 500 index is up 6 at 1,042, and the Nasdaq composite index is up 2 at 2,047.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

NEW YORK (AP) - U.S. stock futures are moderately higher Monday as investors await key reports on manufacturing and housing, seeking reassurance that the economic recovery will be sustainable.

A surprise profit from Ford Motor Co. helped support the early gains in futures. Ford said deep cost cuts and the government's Cash for Clunkers rebates helped it earn nearly $1 billion in the third quarter. Shares rose nearly 9 percent in premarket trading.

Overnight, Asian stocks fell sharply following steep losses in U.S. markets on Friday that were driven by concerns over weak consumer spending. European stock markets, however, rose modestly after a report showed manufacturing activity in Europe increased for the first time in a year and a half.

Investors are hoping a similar report in the U.S. shows continued improvement in the industry. The market will also get reports on pending home sales and construction spending.

The market appeared to take in stride news that commercial lender CIT Group Inc. filed for bankruptcy protection on Sunday after a debt-exchange offer to bondholders failed. The filing, one of the biggest in U.S. corporate history, did not come as a surprise, as the lender has been struggling for months to restructure its debt.

CIT, which loans to thousands of small and mid-sized businesses, said its bondholders overwhelmingly opted for a prepackaged reorganization plan, which will speed up the process of restructuring its debt and could allow the lender to exit bankruptcy by the end of the year.

Stocks are coming off a volatile week, having posted their biggest losses in four months on Friday after rising sharply a day earlier on a stronger-than-expected reading on the economy.