US STOCKS-Dow hits record high as Moderna data bolsters vaccine bets

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* Moderna jumps after COVID-19 vaccine update; Pfizer falls
* Banks, airlines, cruise operators rally
* "Stay-at-home" winners Netflix, Amazon fall
* Indexes up: Dow 1.5%, S&P 1.1%, Nasdaq 0.6%

(Adds comment, details; Updates prices)
By Medha Singh and Shivani Kumaresan
Nov 16 (Reuters) - The Dow hit a record high on Monday after
Moderna became the second U.S. company in a week to report
positive results from its COVID-19 vaccine trial, raising hopes
of a quicker economic recovery from a pandemic-led recession.
Moderna Inc MRNA.O soared 7.7% as it said its experimental
vaccine was 94.5% effective in preventing COVID-19 based on
interim data from a late-stage trial. The Nasdaq's .IXIC rise was limited as investors sold some
of this year's "stay-at-home" winners such as Amazon.com Inc
AMZN.O , Netflix Inc NFLX.O and Zoom Video Communications Inc
ZM.O .
The S&P 500 and the Dow headed for record closing highs,
building on gains from last week after a similar vaccine-related
update from Pfizer Inc PFE.N brightened the economic outlook
and sparked a rotation into cyclical and value shares.
"It's not the end of the virus issue, but it's the first
sign of the beginning of the end which is always taken as a
positive sign," said Randy Frederick, vice president of trading
and derivatives for Charles Schwab in Austin, Texas.
"We won't get a true impact from this until the vaccine is
manufactured and distributed widely, which probably won't happen
until Q1 next year."
Travel-related stocks including United Airlines Holdings Inc
UAL.O , American Airlines Group Inc AAL.O , Carnival Corp
CCL.N and Norwegian Cruise Line Holdings Ltd NCLH.N , which
have lost more than half their market capitalization this year
due to the pandemic, jumped between 5.0% and 11.4%.
Bets of a working COVID-19 vaccine fueled gains on Wall
Street last week, helping investors look past surging
coronavirus cases across the United States which topped the 11
million mark, just over a week after hitting 10 million.
At 11:35 a.m. ET the Dow Jones Industrial Average .DJI
rose 443.68 points, or 1.51%, to 29,923.49, the S&P 500 .SPX
gained 38.61 points, or 1.08%, to 3,623.76 and the Nasdaq
Composite .IXIC gained 75.21 points, or 0.64%, to 11,904.49.
The Russell 2000 index .RUT rose as much as 2.2% to a
daily intraday peak. The S&P energy sector .SPNY jumped 5.4%,
while financial stocks .SPSY were at their highest in eight
months.
Value shares .RLV , that comprise banks and energy stocks
and tend to outperform coming out of a recession, added about
1.6%, while growth shares .RLG , which are technology weighted,
were 0.5% higher.
"When people look for places other than the traditional
leading sectors for bargains such as healthcare, financials, it
speaks of an improved confidence overall," Frederick said.
Among other movers, Simon Property Group Inc SPG.N jumped
6% after the biggest U.S. mall operator cut its purchase price
for an 80% stake of rival Taubman Centers Inc TCO.N , as the
virus outbreak upends the retail industry. Advancing issues outnumbered decliners by 4.6-to-1 on the
NYSE; on the Nasdaq, a 2.7-to-1 ratio favored advancers.
The S&P 500 posted 35 new 52-week highs and no new low,
while the Nasdaq Composite recorded 202 new highs and 11 new
lows.