US STOCKS-Hopes of coronavirus slowdown lift Wall Street

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* New York nearing plateau in hospitalized patients -
governor
* S&P 500 set for best two-day gain in nearly two weeks
* Energy index leads gains among major S&P 500 sectors
* Dow up 1.02%, S&P 500 up 0.81%, Nasdaq up 0.31%

(Updates to mid-afternoon, changes byline)
By Chuck Mikolajczak
NEW YORK, April 7 (Reuters) - Wall Street rose on Tuesday on
tentative early signs that coronavirus outbreaks in some of the
biggest U.S. hot spots may be plateauing, with New York's
governor saying social distancing measures to curb the spread of
the virus were working.
The S&P 500 was poised for its biggest two-day gain in
nearly two weeks, adding to a 7% jump on Monday, after health
officials said the pandemic may kill fewer Americans than
indicated in recent projections. Governor Andrew Cuomo said New
York, the epicenter of the virus in the United States, was
nearing a plateau in the number of patients hospitalized.
Energy .SPNY , materials .SPLRCM and financials .SPSY
were the best performing sectors, with an aggressive round of
U.S. fiscal and monetary stimulus in the past month helping to
boost risk appetite.
Still, major averages had come off earlier highs as
investors braced for worsening economic data and corporate
earnings while a decline in oil prices steepened.
"Everybody is trying to figure out the same question - is
the market ahead of the data and the science," said Keith
Buchanan, portfolio manager at GLOBALT in Atlanta.
"What we are grappling with is the economic damage and the
mitigation from a federal monetary and fiscal standpoint."
The Dow Jones Industrial Average .DJI rose 230.56 points,
or 1.02%, to 22,910.55, the S&P 500 .SPX gained 21.47 points,
or 0.81%, to 2,685.15 and the Nasdaq Composite .IXIC added
24.20 points, or 0.31%, to 7,937.44.
The S&P 500 is up about 23% from its March 23 intraday low,
but remains about 20% below its mid-February record high as
methods designed to contain the virus quashed demand across a
swath of industries such as airlines, automakers and hotels.
Wall Street's fear gauge .VIX has steadily retreated from
12-year peaks in recent days, but volatility is expected to
remain elevated as companies prepare to report an expected slide
in first-quarter earnings and outline more drastic plans to
bolster cash reserves.
Analysts now expect first-quarter earnings for S&P 500 firms
to fall 6.4% compared to a Jan. 1 forecast for a rise of 6.3%.
Exxon Mobil XOM.N throttled back a multi-year investment
spree in shale, LNG and deep water oil production, saying it
would cut planned capital spending this year by 30% as the
pandemic saps energy demand. Oilfield services firm Halliburton Co HAL.N said it would
cut about 350 jobs in Oklahoma and that its executives would
reduce their salaries. Exxon shares climbed 2.84% and Halliburton rose 1.64%,
helping the energy sector move higher even as crude prices fell.
Norwegian Cruise Line NCLH.N , Royal Caribbean RCL.N and
Carnival Corp CCL.N , among the most beaten down stocks this
year due to a near halt in global tourism, each rose by at least
6%.
Advancing issues outnumbered declining ones on the NYSE by a
3.41-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored advancers.
The S&P 500 posted 4 new 52-week highs and no new lows; the
Nasdaq Composite recorded 9 new highs and 15 new lows.