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* Eastman Kodak plummets as govt loan agreement put on ice
* Energy stocks outperform on strong crude
* Dow rises 1.3%, S&P 500 up 0.3%, Nasdaq down 0.4%
(Updates to late afternoon)
By Caroline Valetkevitch
Aug 10 (Reuters) - The S&P 500 and Dow rose on Monday, as
investors rotated into value stocks from heavyweight
tech-related names while they awaited news on progress in a
fiscal support bill for the country's battered economy.
The Nasdaq .IXIC , which hit a record high every day of
last week, was dragged lower by Microsoft Corp MSFT.O ,
Amazon.com Inc AMZN.O and Facebook Inc FB.O . The Dow was up
1.1% and touched a more than five-month high.
Value stocks, which tend to outperform growth coming out of
a recession, have gotten a lift in recent days. The Russell 1000
value .RLV index rose 0.9% on Monday, while the Russell 1000
growth .RLG index slipped 0.6%.
Similar rotations in recent years have not lasted very long,
said Paul Nolte, portfolio manager at Kingsview Investment
Management in Chicago.
So, "I'm looking at this more of a correction in growth
stocks as opposed to just a correction" in the market.
Bets on a potential coronavirus vaccine, historic fiscal and
monetary support, and more recently, a better-than-expected
second-quarter earnings season have brought the S&P 500 close to
its February record closing high.
The Dow Jones Industrial Average .DJI rose 352.34 points,
or 1.28%, to 27,785.82, the S&P 500 .SPX gained 8.95 points,
or 0.27%, to 3,360.23 and the Nasdaq Composite .IXIC dropped
39.74 points, or 0.36%, to 10,971.24.
Providing some support, U.S. President Donald Trump signed
executive orders that partly restored enhanced unemployment
benefits after talks between the White House and top Democrats
in Congress about fresh stimulus broke down last week.
U.S. Treasury Secretary Steven Mnuchin, in an interview to
CNBC on Monday, said the Trump administration and Congress could
reach an agreement as soon as this week if Democrats are
"reasonable." Energy .SPNY and industrials .SPLRCI , among the worst
performers this year, led gains among major S&P sectors.
Technology .SPLRCT and communication services .SPLRCL fell.
Among individual movers, Eastman Kodak Co KODK.N sank
after its $765-million loan agreement with the U.S. government
to produce pharmaceutical ingredients was put on hold due to
"recent allegations of wrongdoing." Microsoft Corp MSFT.O fell as sources said its bid to
carve out parts of TikTok from its Chinese owner ByteDance will
be a technically complex endeavor. Advancing issues outnumbered declining ones on the NYSE by a
2.51-to-1 ratio; on Nasdaq, a 1.60-to-1 ratio favored advancers.
The S&P 500 posted 39 new 52-week highs and no new lows; the
Nasdaq Composite recorded 101 new highs and 10 new lows.
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3-month spread between Russell 100 growth and value indexes https://tmsnrt.rs/33Hf525
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