US STOCKS-Wall Street jumps with focus on stimulus package

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* Tesla up after announcing stock split
* Moderna jumps after $1.5-bln U.S. contract
* Benchmark S&P 500 about 0.9% below record high
* Indexes up: Dow 0.83%, S&P 0.91%, Nasdaq 1.07%

(Updates to open)
By Medha Singh
Aug 12 (Reuters) - Wall Street's main indexes jumped on
Wednesday, with the S&P 500 crawling towards a record high in a
broad rally led by tech stocks, although some investors were
cautious following a stalemate over the new coronavirus relief
bill.
U.S. Treasury Secretary Steven Mnuchin said the White House
and top Democrats in Congress may not be able to reach a deal on
coronavirus aid, marking a fifth day without talks, as the
stalemate blocked relief to tens of millions of Americans.
The S&P 500 is about 0.9% below its intraday record high of
3,393.52. The benchmark index snapped seven days of gains on
Tuesday after coming within 0.4% of its peak, powered by
historic fiscal and monetary stimulus and signs of a nascent
economic recovery.
"The S&P 500 got very close (to a record high), and there
might be some technical resistance at that level," Randy
Frederick, vice president of trading and derivatives for Charles
Schwab in Austin, said about Tuesday's move.
"But it does look like this morning, there's enough upside
momentum that markets could very well be past that when they
open."
The Nasdaq was the first of the three major indexes to
bounce back to an all-time high in June. The Dow is about 6%
below its February peak.
With a better-than-feared second-quarter earnings season
largely over, investors are preparing for the risk of a
contested U.S. presidential election in the fall.
Democratic candidate Joe Biden on Tuesday picked Senator
Kamala Harris as his choice for vice president. At 9:43 a.m. ET, the Dow Jones Industrial Average .DJI was
up 230.21 points, or 0.83%, at 27,917.12, the S&P 500 .SPX was
up 30.25 points, or 0.91%, at 3,363.94. The Nasdaq Composite
.IXIC was up 115.54 points, or 1.07%, at 10,898.37.
All major S&P sectors climbed, with financials .SPSY ,
energy .SPNY and communication services .SPLRCL leading the
charge. O/R
Latest data showed U.S. consumer prices increased
more-than-expected in July, but high unemployment is likely to
keep inflation under control, allowing the Federal Reserve to
continue pumping money into the economy. Tesla Inc TSLA.O rose 5% as it announced a five-for-one
stock split in an attempt to make its shares more accessible to
employees and investors. Drugmaker Moderna Inc MRNA.O gained about 3.7% after
entering a deal with the United States to produce 100 million
doses of its potential COVID-19 vaccine for around $1.5 billion.
Advancing issues outnumbered decliners by a 4.27-to-1 ratio
on the NYSE and by a 3.00-to-1 ratio on the Nasdaq.
The S&P index recorded eight new 52-week highs and no new
low, while the Nasdaq recorded 32 new highs and nine new low.