The region's equities tracked US stocks higher, but speculation that the Federal Reserve may continue to steadily wind down its stimulus program could hurt emerging markets, which benefited from the Fed's easy money policies.
Brazil's benchmark Bovespa stock index rose 0.33 percent to 51,346.1 but was unable to regain the previous session's losses. The index, which is down over 2 percent this month and nearly 16 percent this year, has been unable to break through technical resistance near 51,600 since Thursday.
Trading volume was light and should remain so through the year-end holidays, local traders said.
Shares of medical diagnostic firm Diagnosticos da America SA, known as Dasa, surged 10.94 percent after a major shareholder announced an offer to purchase at least 26.41 percent of outstanding shares at 15 reais each, a 12.44 percent premium over Friday's closing price.
Shares of airline Gol Linhas Aereas Inteligentes SA rose 1.99 percent after the company said on Friday that ticket prices were up in November.
Mexico's IPC index rose 0.77 percent to 42,508.03. The index has failed to break decisively past the 43,500 level twice since the end of November.
Shares of telecommunications firm America Movil, controlled by billionaire Carlos Slim, rose 2.04 percent.
Shares of lender Santander Mexico slipped 5.34 percent after it paid an extraordinary dividend.