* Dow up 0.5 pct, S&P 500 up 0.7 pct, Nasdaq up 0.9 pct
* Lehman sets outs strategic steps, stock bounces
* Texas Instruments outlook buoys techs
* FedEx's raised profit view adds to optimism
* Energy shares rise on oil price rebound
(Updates to early morning)
By Ellis Mnyandu
NEW YORK, Sept 10 (Reuters) - U.S. stocks rose in choppy
trade on Wednesday as rising oil prices lifted shares of energy
companies and strategic steps outlined by Lehman Brothers
<LEH.N> calmed concerns about the investment bank's outlook.
Positive outlooks from chip maker Texas Instruments <TXN.N>
and package shipper FedEx <FDX.N> added to the upbeat tone, a
day after the broader market suffered its worst slide in a year
and a half.
In the energy sector shares of Exxon Mobil <XOM.N> shot up
2 percent to rank as a top boost to the S&P 500, while chip
maker Qualcomm <QCOM.O, up nearly 2 percent, led advancers on
Nasdaq. Technology services company International Business
Machines <IBM.N> climbed 2.6 percent, making the stock a top
boost on the Dow.
Although Lehman did not announce any firm deals to raise
desperately needed capital as mortgage losses soar, the bank
said it would sell a majority stake in its investment
management division and spin off commercial real estate assets.
For details, see [].
The expectation that the steps will help the company's
efforts to beef up its capital base drove its shares up 5
percent to $8.18 in volatile trade, a day after the stock
suffered its worst ever slide.
"As the market digested information and saw this would
clean up the balance sheet and provide a stronger capital base,
it's been more positive," said Kevin Cronin, chief investment
officer at Boston-based Putnam Investments.
"We'll see how that trend holds. They did what they said
they would do in restructuring (part of their business) and
working down real estate assets on the commercial side."
The Dow Jones industrial average <> gained 58.63
points, or 0.52 percent, to 11,289.36. The Standard & Poor's
500 Index <.SPX> climbed 8.96 points, or 0.73 percent, to
1,233.47. The Nasdaq Composite Index <> rose 19.80 points,
or 0.90 percent, to 2,229.61.
Shares of Exxon Mobil rose to $74.71 on the New York Stock
Exchange as U.S. front-month crude <CLc1> rose 87 cents to
$104.13 a barrel.
Texas Instruments <TXN.N>, a maker of analog and wireless
chips, said after the bell on Tuesday that earnings and revenue
for the current quarter were on track, relieving investors'
concerns bout technology spending, particularly after a spate
of warnings in the mobile phone industry. [].
Texas Instruments shares rose to $22.18, while shares of
IBM climbed to $118.00.
Package delivery company FedEx Corp <FDX.N> said fiscal
first-quarter earnings will be better than originally forecast
as fuel prices continue to fall from recent highs. FedEx shares
rose 3 percent to $87.25.
(Additional reporting by Al Yoon; Editing by James Dalgleish)
