US STOCKS-Tech stocks help Wall St rebound from trade-driven rout

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* Coca-Cola up as Morgan Stanley upgrades to "overweight"
* Boeing biggest boost to the Dow
* Technology stocks recover, led by Microsoft
* Indexes up: Dow 0.99%, S&P 0.98%, Nasdaq 1.14%

(Changes comment, updates prices)
By Sruthi Shankar and Amy Caren Daniel
May 14 (Reuters) - U.S. stocks climbed on Tuesday, as
investors picked up beaten-down technology and industrial stocks
following optimistic comments from Washington and Beijing that
tempered concerns about a further escalation in the trade war.
Technology shares .SPLRCT rose 1.56%, the most among major
S&P sectors, lifted by gains in Microsoft Corp MSFT.O , Visa
Inc V.N and chipmakers.
Wall Street witnessed one of its worst selloffs this year in
the previous session, with the S&P and the Dow recording their
largest percentage drops since Jan. 3, after China announced
retaliatory tariffs on U.S. goods.
Markets took relief from comments by U.S. President Donald
Trump that he would talk with Chinese counterpart at a G20
Summit in late June and China said on Tuesday both sides have
agreed to keep the talks going. "Today's reaction is investors looking for value," said
Peter Cecchini, managing director and chief market strategist at
Cantor Fitzgerald in New York.
"There is still a concern around the evolution of the trade
talks. The U.S. has stood out relative to the rest of the world
when it comes to its economic performance, and it is arguable
whether or not that can be sustained."
Prospects of the global economy being derailed by the United
States and China sliding into a fiercer, more protracted dispute
has knocked more than 4% off the S&P 500 since hitting an
all-time high on May 1.
At 11:19 a.m. ET, the Dow Jones Industrial Average .DJI
was up 251.49 points, or 0.99%, at 25,576.48, the S&P 500 .SPX
was up 27.69 points, or 0.98%, at 2,839.56 and the Nasdaq
Composite .IXIC was up 86.94 points, or 1.14%, at 7,733.97.
Nine of the 11 major S&P sectors were higher, with
technology, energy .SPNY , industrial and financial sectors
gaining more than 1%.
The tech sector took a beating on Monday as many tech
companies rely on China for a large part of their revenue.
Boeing Co shares BA.N were up 2%, providing the biggest
boost to the Dow. The company said it handed over 24% fewer jet
airplanes in the first four months of 2019, hurt by the
grounding of its 737 MAX aircraft. Coca-Cola Co's shares KO.N rose 2% after Morgan Stanley
upgraded the stock to "overweight", saying higher growth had not
been priced into the stock's valuation. Walt Disney Co's shares DIS.N gained 1.9% after it signed
a pact with Comcast Corp CMCSA.O to assume full operational
control of streaming service Hulu. Luxury apparel maker Ralph Lauren Corp's shares fell RL.N
7%, the most on the S&P 500, as weak sales in its biggest
market, North America, overshadowed quarterly profit beat.
Advancing issues outnumbered decliners by a 3.07-to-1 ratio
on the NYSE and a 2.31-to-1 ratio on the Nasdaq.
The S&P index recorded 15 new 52-week highs and six new
lows, while the Nasdaq recorded 30 new highs and 63 new lows.