What’s causing the rapid rise? Wall Street couldn’t possibly be looking at the automaker’s false $2.3 billion quarterly profit announced last week (at an operating loss of $424 million). And surely it can’t be Monday’s news of S&P’s outlook of Ford changing from “negative” to “developing”. Not likely.

Odds are, Ford is continually making improvements to its vehicles — improvements that matter. Last week it announced its Escape hybrid received new nickel metal hydride cells that offer 20 percent more power.

The same week, it announced that its new 2.0-liter EcoBoost 4-cyclinder engine will debut in 2010 (that’s Ford’s version of a gasoline turbocharged direct injection (GTDI) engine), along with a 6-speed dual-clutch Powershift gearbox.

Those are the steady small gains while the company aggressively pursues plug-in hybrid and hydrogen fuel-cell powered vehicles.

Plus the company’s finally paying attention to design and beginning to compete with Euro cars.

Ford Flex

That combined with paring down labor costs — and all the sudden Ford has a fighting chance of holding on to $7 and seeing a slower-paced rise into 2010.

But will the company make it to 2010 without asking for its own bailout?