Reuters
Published Sep 09, 2009 11:04AM ET
* Industrial shrs rise after broker comments
* Boeing sees return to air cargo traffic growth next year
* Dow up 0.4 pct, S&P up 0.5 pct, Nasdaq up 0.7 pct
(Updates to midmorning)
By Leah Schnurr
NEW YORK, Sept 9 (Reuters) - U.S. stocks rose on Wednesday
after positive broker comments buoyed industrial shares, while
an upgrade for eBay Inc
Boeing Co
United Technologies Corp
Goldman upgraded the multi-industry sector to "attractive" from "neutral," given the group's tendency for outperformance when the Institute for Supply Management manufacturing index makes a sustainable move above 50. [ID:nBNG268937]
EBay rose 3.4 percent to $22.58 after Bernstein raised its rating to "outperform" from "market perform," and upped its price target to $28 from $24.
McDonald's Corp
Anemic consumer spending remains a major headwind for a sustainable economic turnaround.
"It's pretty evident the consumer is not going to be leading the current economic recovery," said Michael Sheldon, chief market strategist at RDM Financial in Westport, Connecticut.
"The major question from the market's point of view is will the consumer participate in the economic recovery or will they cause the economic expansion to falter during the first half of 2010?"
The Dow Jones industrial average <.DJI> added 37.34 points, or 0.39 percent, to 9,534.68. The Standard & Poor's 500 Index <.SPX> gained 4.72 points, or 0.46 percent, to 1,030.11. The Nasdaq Composite Index <.IXIC> put on 13.15 points, or 0.65 percent, to 2,050.92.
(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)
Written By: Reuters
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