Stocks ready to surge

Detroit Three's survival report card

GM, Ford, and Chrysler, the former Big 3 now dwindled to the Detroit 3, have gone in such different directions they don't seem to be on the same planet - let alone the same city. Will they make it? Fortune grades each on its performance and prospects.

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NEW YORK (CNNMoney.com) -- U.S. stocks were poised to soar at the start of trading Monday after General Motors filed for bankruptcy and a bankruptcy court judge ruled in favor of Chrysler's asset sale.

At 8:36 a.m. ET, Dow Jones industrial average, S&P 500 and Nasdaq 100 futures were sharply higher.

Futures measure current index values against perceived future performance and offer an indication of how markets may open when trading begins in New York.

Autos: GM (GM, Fortune 500) filed for bankruptcy protection Monday in a move aimed at helping the once-mighty automaker emerge with only its more profitable plants, brands, dealerships and contracts.

GM's bankruptcy filing occurred just hours after a U.S. Bankruptcy Court judge in New York approved Chrysler's sale of most of its assets to Italian carmaker Fiat

Economy: Personal income rose 0.5% in April, the biggest increase in 11 months, the government reported Monday. But consumer spending dropped 0.1%.

A closely watched gauge of manufacturing activity is on tap at 10 a.m. ET, as is a report on construction spending.

World markets: Asian stocks soared, with Japan's Nikkei adding 1.6%. Major European markets traded in positive territory in morning trading.

Oil and money: Oil prices surged by $1.44 a barrel to $67.75. The dollar fell against major international currencies, including the euro, the yen and the British pound.