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US STOCKS-Wall St lifted by industrial, tech shares

Published 09/09/2009, 11:04 AM
Updated 09/09/2009, 11:06 AM

* 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 helped the technology sector.

Boeing Co was the Dow's biggest lift after a senior executive said the aerospace giant expects global air cargo traffic to return to growth next year. Boeing jumped 2.3 percent to $50.67. For details, see [ID:nHKG184976]

United Technologies Corp gained 1 percent to $60.94 after Goldman Sachs raised its price target on the stock to $77 from $60. In the same sector, 3M rose 1 percent to $72.42.

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 limited gains on the Dow, falling 1.9 percent to $55.13, after the hamburger chain reported a rise in sales at existing restaurants worldwide that missed some analysts' expectations. [ID:nN09308829]

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)

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