Stocks turn mixed

NEW YORK (CNNMoney.com) -- Stocks struggled Friday morning, as investors welcomed upgrades on the Big Three automakers and a strong start for hedge fund Fortress Investment Group, but held back as oil flirted with $60 a barrel and Treasury yields jumped.

The Dow Jones industrial average (up 21.87 to 12,659.50, Charts) gained about 0.1 percent in the early going. The broader S&P 500 (up 0.62 to 1,448.93, Charts) index was flat and the Nasdaq (down 2.39 to 2,486.28, Charts) composite dipped.

Stocks struggled Thursday on higher oil prices and cautious comments from several banks about their mortgage lending units.

Friday started off on a more positive note.

General Motors (up $2.07 to $35.87, Charts) and Ford Motor (up $0.28 to $8.83, Charts) were both upgraded by Deutsche Bank, sending shares higher.

Fellow automaker DaimlerChrysler (up $1.70 to $64.45, Charts) was upgraded by Citigroup, Briefing.com reported. In addition, the company said it sold about a third of its stake in Airbus parent EADS to a private investment group for about 1.95 billion.

Investors also kept an eye on Fortress Investment Group (Charts), which began trading Friday at $35 per share, up 89 percent from its initial public offering Thursday. The first hedge-fund in the U.S. to list priced its IPO at $18.50 a share Thursday, at the top of its range.

Among other movers, chipmakers rose following a pair of brokerage upgrades. JP Morgan lifted its rating on the sector to "bullish" from "cautious," saying the industry should start to see improvement in the second quarter. Additionally, Deutsche Bank lifted its rating on the sector.

Also on tap: comments from several Federal Reserve officials.

St. Louis Fed President William Poole, a voting member of the policy committee, said Friday morning that inflation should moderate this year, but if it doesn't, he would push for further tightening.

Later in the day, comments are expected from Cleveland Fed President Sandra Pianalto and Philadelphia Fed President Charles Plosser. Neither are voting members of the policy committee in 2007.

Separately, the Federal Reserve Board said voting member Susan Schmidt Bies will resign effective March 30. The board has not yet said who will replace her.

U.S. light crude oil for March delivery rose 10 cents to $59.83 a barrel on the New York Mercantile Exchange after topping $60 earlier.

Treasury prices slumped, raising the yield on the benchmark 10-year note to 4.78 percent from around 4.73 percent late Thursday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar rose versus the euro and yen as the G7 meeting in Germany got underway.

COMEX gold for April delivery rose $7.20 to $670 an ounce.

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