Stocks point higher on Wells Fargo, Wachovia deal
Friday October 3, 7:26 am ET
By Tim Paradis, AP Business Writer
US stocks head for higher open as Wells Fargo agrees to buy Wachovia in $15.1 billion deal

NEW YORK (AP) -- Stock futures are extending their gains on an announcement that Wells Fargo Co. has agreed to buy Wachovia Corp. in a $15.1 billion deal.

The banks' plan is cheering investors because unlike several recent banking deals it hasn't been put together at the behest of regulators or using government money. The agreement upends a plan by Citigroup Inc. to acquire Wachovia in part using government aid.

Futures had already been higher Friday following a sell-off a day earlier and ahead of an expected House vote on the government's financial rescue plan and a key government report on employment.

Dow Jones industrial average futures are up 73 at the 10,630 level after being up 57 ahead of the announcement.