Stock index futures rise after Citi rescue

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(Reuters) - Stock futures pointed to a higher open on Wall Street on Monday, after a sharp rally late on Friday and following a U.S. government plan to rescue embattled Citigroup.

Highlights:

* At 4:27 a.m. EST S&P 500 futures were up 1 percent, Dow Jones futures were up 0.2 percent and Nasdaq 100 futures rose 0.6 percent.

* Late on Sunday, the U.S. government unveiled a bailout plan for Citigroup Inc, agreeing to shoulder most of the potential losses on $306 billion of high risk assets, in the latest attempt to restore confidence in the stricken financial system.

The government will also inject $20 billion of new capital, on top of $25 billion it just put into the bank, and receive preferred shares with an 8 percent dividend. Citigroup received the latest injection after its shares plunged 60 percent in the last week, amid worry it lacked enough capital to survive.

Citigroup shares traded in Frankfurt were up 42.2 percent at 4:27 a.m. EST.

* U.S. Treasury Secretary Henry Paulson is considering tapping the second half of the government's $700 billion financial-industry rescue fund, and rolling out new programs in response to worsening market conditions, the Wall Street Journal said, citing people familiar with the matter.

Among other things, Paulson is seeking ways to make it easier for households to borrow money and also looking for ways to reduce the burden of foreclosure on homeowners, the paper said. The Treasury could not immediately be reached for comment on the report.

* U.S. stocks strongly rallied late on Friday as investors welcomed reports that President-elect Barack Obama has chosen Timothy Geithner as his point person to tackle the U.S. economic downturn, fuelling confidence about the administration's ability to take action. Obama will announce his economic team on Monday. Geithner, the president of the New York Federal Reserve Bank, has been considered a top prospect for the job.

* On the macro front, investors awaited monthly home sales data, due at 10 a.m. EST, for more insight on the housing slump, while Monday's corporate schedule is thin, with just a few companies, including Campbell Soup and Analog Devices Inc., reporting quarterly results.

* In other news, China Life Insurance Co, the world's biggest life insurer by market value, is interested in buying Asian assets of American International Group, a senior China Life manager briefed on the situation said on Monday.

(Reporting by Blaise Robinson; Editing by Victoria Bryan)

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