Stocks eased back from the day's highs in mid-morning trading today, as a batch of investment upgrades bolstered investor confidence.
Traders are anticipating a choppy trading session, with Wall Street bracing for a slew of earnings reports, economic data, and a Federal Reserve decision on interest rates this week
The Dow Jones industrial average rose 32 points, or 0.33 per cent, to 9,872, while the broader Standard & Poor's 500 Index climbed nearly 2 points, or 0.16 per cent, to 1,135. The technology-laced Nasdaq Composite Index rose 12 points, or 0.63 per cent, to 1,949.
The automobile sector got a boost after Morgan Stanley raised its investment rating on the sector. It also boosted individual ratings on carmakers General Motors and Ford Motor Co., saying the stocks are cheap given resilient car demand and lower inventories.
Ford was the New York Stock Exchange's most actively traded stock, rising 44 cents to $14.95, while GM climbed $1.08 to $49.56.