Sept. 30 (Bloomberg) -- U.S. stock futures rose, signaling the Standard & Poor's 500 Index may rebound from yesterday's 8.8 percent plunge, after lawmakers said they intend to salvage a $700 billion bank-rescue package.

JPMorgan Chase & Co., Citigroup Inc. and Goldman Sachs Group Inc. advanced more than 5 percent as Democrat and Republican congressional leaders said a deal would eventually pass. Exxon Mobil Corp. and ConocoPhillips rose more than 1.6 percent as speculation the legislation may be revived boosted oil prices after the biggest drop in seven years.

``The U.S. knows the gravity of the situation and a plan will be reached to save their financial institutions,'' said Masahiko Ejiri, who helps manage about $30 billion at Mizuho Asset Management Co. in Tokyo. ``I am relatively comfortable in investing in some of the winners of the U.S. financial turmoil like JPMorgan.''

S&P 500 futures expiring in December rallied 22.8 points, or 2 percent, to 1,141.6 at 9:02 a.m. in New York. Dow Jones Industrial Average futures gained 143, or 1.4 percent, to 10,617. Nasdaq-100 Index futures added 1.5 percent to 1,534.25. European stocks rose, while Asian shares declined. Government bonds in the U.S. and Europe fell. The dollar climbed against the euro.

Stock-index futures pared gains after the British Bankers' Association said the cost of borrowing in dollars overnight jumped the most on record. The London interbank offered rate, or Libor, rose 4.31 percentage points to 6.88 percent, an all-time high, the BBA said.

`Black Monday'

The S&P 500 tumbled yesterday by the most since the October 1987 ``Black Monday'' crash and more than $1 trillion in market value was erased from U.S. equities after the House of Representatives voted down the plan designed to rid financial institutions of bad loans. Lawmakers and political analysts said the bill will need some cosmetic changes to pick up the 12 votes needed to pass in the House.

The MSCI World Index of 23 developed nations has dropped 13 percent this month as almost $600 billion of credit losses and writedowns at financial institutions worldwide prompted banks to hoard cash, forced Lehman Brothers Holdings Inc. into bankruptcy and spurred government seizures of American International Group Inc. and the U.K.'s Bradford & Bingley Plc.

The S&P 500 has declined almost 14 percent in September and the Dow average has lost 10 percent. The Nasdaq Composite Index is down 16 percent. The S&P 500 has retreated 14 percent since the end of June for its fourth-straight quarterly decline, the longest stretch since 2001. The Dow has slipped 8.7 percent and the Nasdaq is down 13 percent.

JPMorgan, Goldman

JPMorgan, the biggest U.S. bank by deposits, climbed 6 percent to $43.45. Citigroup rose 5.7 percent to $18.76. Goldman Sachs increased 2.9 percent to $124.15 and Morgan Stanley gained 6 percent to $22.25.

Christopher Dodd, chairman of the Senate Banking Committee, said senators may deal with the bill as early as tomorrow.

``We don't intend to leave here without the job being done,'' said Dodd, a Connecticut Democrat.

Democratic presidential candidate Barack Obama called for calm after the House vote, saying the plan ``will get done.'' Republican nominee John McCain urged lawmakers to ``go back to the drawing board'' and come up with legislation that will pass.

The S&P 500 Regional Banks Index of 12 stocks was poised to rebound after plunging 24 percent yesterday, its biggest tumble since the gauge was created in 2003.

Regionals Rebound

Sovereign Bancorp, which plummeted 72 percent yesterday, recovered 42 percent to $3.30 in trading before the open of U.S. exchanges. National City Corp., Ohio's largest banks, climbed 32 percent after losing 63 percent yesterday.

Exxon, the largest U.S. energy company, rose 1.9 percent to $75.50 and ConocoPhillips climbed 1.6 percent to $70.40. Crude for November delivery rose as much as $2.61, or 2.7 percent, to $98.98 a barrel in electronic trading on the New York Mercantile Exchange after slumping more than $10 yesterday.

Officials from Microsoft Corp. to Office Depot Inc. and Schering-Plough Corp. said the government's failure to bail out the U.S. banking industry put the entire economy at risk unless a deal comes soon. They called on lawmakers to put aside partisan differences and work to restore credit supplies and confidence to the financial markets.

Dr Pepper Snapple

Microsoft, the world's biggest software maker, added 2.4 percent to $25.60. Schering-Plough, the Kenilworth, New Jersey- based drugmaker, slipped 1.4 percent to $17.75. Office Depot, the second-largest office-supplies company, didn't trade.

Dr Pepper Snapple Group Inc. may advance. The drinks maker spun off by Cadbury Plc this year was picked to replace Wm. Wrigley Jr. Co. in the S&P 500.

Transportation stocks are signaling U.S. shares may be poised for more losses, according to Dow Theory, which holds that the 30-stock industrial average takes cues from the Dow Jones Transportation Average. The gauge of companies such as FedEx Corp. and Ryder Systems Inc. slid to the lowest since March 17, suggesting the industrials' biggest point decline ever yesterday won't mark its bottom, some investors said.

Europe's Dow Jones Stoxx 600 Index added 0.5 percent today as Dexia SA, the world's biggest lender to local governments, surged 12 percent on a 6.4 billion-euro ($9.2 billion) state- backed rescue.

Anglo Irish Bank Corp. Plc climbed 35 percent after Ireland's government said it will guarantee bank deposits and debts for two years, seeking to restore confidence in the country's financial industry.

To contact the reporters on this story: Michael Patterson in London at mpatterson10@bloomberg.net; Eric Martin in New York at emartin21@bloomberg.net.

Last Updated: September 30, 2008 09:15 EDT