US STOCKS-Cyclicals shine as Wall St scales new peak on stimulus, recovery bets

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* Bank, energy stocks gain on prospects of more stimulus
* Crypto stocks jump as Bitcoin surges past $50,000
* Indexes up: Dow 0.35%, S&P 0.35%, Nasdaq 0.40%

(Updates to market open)
By Devik Jain
Feb 16 (Reuters) - Wall Street's main indexes hit all-time
highs on Tuesday, with investors piling into economically
sensitive stocks on hopes of more fiscal aid to lift the world's
biggest economy from a coronavirus-driven slump.
Eight of the 11 major S&P sectors rose in early trading with
energy .SPNY , financial .SPSY and materials .SPLRCM , which
are poised to benefit from economic growth, leading gains. O/R
The banking index .SPXBK jumped 1.85%, as 10-year U.S.
Treasuries US10YT=RR touched their highest since late March.
US/
"The cyclical trade is off to the races, which is a sign of
a brand new business cycle, a brand new recovery and of faster
growth to come," said Thomas Hayes, chairman of hedge fund Great
Hill Capital LLC in New York.
"Even if the market was going sideways or only modestly
higher, we could see material rallies under the surface in those
laggard groups from last year and that's going to be a huge play
this year."
The S&P value index .IVX , which includes bank, energy and
industrial sectors, has risen more than 6% in the past two
weeks, slightly outperforming the growth index .IGX , which is
skewed more toward technology.
Further lifting sentiment, President Joe Biden is pushing
ahead with his plan to pump an extra $1.9 trillion in stimulus
into the economy. MKTS/GLOB
By 9:55 a.m. ET, the Dow Jones Industrial Average .DJI was
up 110.66 points, or 0.35%, at 31,569.06, the S&P 500 .SPX was
up 13.86 points, or 0.35%, at 3,948.69, and the Nasdaq Composite
.IXIC was up 55.97 points, or 0.40%, at 14,151.45.
A sharp drop in new coronavirus infections, progress in
inoculations and a stronger-than-expected fourth-quarter
earnings season have also reinforced hopes of a quick business
recovery this year.
This week's earnings reports from Hilton Worldwide Holdings
Inc HLT.N , Hyatt Hotels Corp H.N , Marriott International Inc
MAR.O , Norwegian Cruise Lines NCLH.N and TripAdvisor Inc
TRIP.O will be closely watched for signs of a pickup in global
travel demand. Shares of cryptocurrency and blockchain-related firms
including Silvergate Capital Corp SI.N , Riot Blockchain
RIOT.O and Marathon Patent Group MARA.O jumped between 11.6%
and 12.5% as bitcoin BTC=BTSP surged past $50,000.
Southwest Airlines Co LUV.N rose about 1% after the
carrier forecast slower cash burn in current quarter as leisure
bookings and demand improve in Feb. Focus this week is also on the minutes from the Federal
Reserve's January meeting, where it reaffirmed its pledge to
maintain a dovish policy stance.
Advancing issues outnumbered decliners 1.71-to-1 on the NYSE
and 1.84-to-1 on the Nasdaq.
The S&P index recorded 62 new 52-week highs and no new low,
while the Nasdaq recorded 274 new highs and six new lows.