U.S. stocks rose, led by automakers and technology companies, as investors awaited a Senate vote on action against Syria while watching economic data for clues on the Federal Reserve’s next move.
The Standard & Poor’s 500 Index rose 0.9% to 1,654.57. The Dow Jones Industrial Average added 110.71 points, or 0.8%, to 14,944.67.
The Senate Foreign Relations Committee is expected to vote today on a resolution that supports the use of force by the U.S. military in Syria with a 90-day limit and explicitly doesn’t authorize use of ground troops in combat. The Senate Democratic leadership supports the resolution.
Citigroup Inc. downgraded U.S. equities to underweight today, saying valuations are “not as attractive as other parts of the world.” The firm upgraded the U.K. and emerging markets. These areas “appear the cheapest major regions across the world,” Tobias Levkovich, Citigroup’s chief U.S. equity strategist, said in a note.
All but two of 24 S&P 500 industry groups advanced as automakers surged 3.1% for the best performance.
Ford Motor Co. and General Motors Co. rallied at least 3.8% after sales beat forecasts.
Micron (MU) Technology Inc. and SanDisk Corp jumped more than 3.6% after a fire forced rival SK Hynix Inc. to suspend operations at a factory in China.
Apple Inc. gained 2.2% as Cantor Fitzgerald LP initiated coverage of the shares with a buy rating and amid speculation that the company may team up with China Mobile Ltd.
Microsoft Corp. fell 2.2% as Morgan Stanley lowered its rating of the software maker.
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