US STOCKS-Nasdaq jumps as tech stocks back in favor

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* Lyft climbs on plans to enter food-delivery market
* Growth stocks outperform value shares, reversing Tuesday's
trend
* Indexes up: Dow 0.1%, S&P 0.6%, Nasdaq 1.3%

(Adds comment, details; Updates prices)
By Medha Singh and Shivani Kumaresan
Nov 11 (Reuters) - Wall Street's main indexes advanced on
Wednesday as signs of a working COVID-19 vaccine raised hopes of
a faster-than-expected economic rebound, with technology stocks
bouncing back from steep losses this week.
The tech-skewed Nasdaq .IXIC advanced 1.3%, while
mega-caps Netflix Inc NFLX.O , Amazon.com Inc AMZN.O and
Apple Inc AAPL.O , the so-called stay-at-home winners, also
gained between 1.7% and 2.5%.
The tech index .SPLRCT climbed 1.8%, the most among major
S&P sectors, followed by the consumer discretionary index
.SPLRCD .
The S&P's growth stock index .IGX outperformed the value
index .IGX , which includes banks and energy stocks, in a
reversal of Tuesday's trend.
Encouraging data from a late-stage vaccine earlier this week
prompted a rotation away from technology names, and lifted
demand for stocks sensitive to economic outlook, as well as
value stocks that have lagged broader market.
"With the sell-off over the last couple of days, price
became more attractive for growth-oriented investors and also
the realization set in that the vaccine isn't going to solve
near-term COVID issues here in the U.S.," said Rick Meckler,
partner, Cherry Lane Investments, a family investment office in
New Vernon, New Jersey.
The top U.S. infectious disease specialist urged caution
until a vaccine can be approved and distributed, as California
and several states across the U.S. Midwest tightened
restrictions. Markets, which also got a boost after Democrat Joe Biden was
projected the winner of the U.S. election, have broadly shrugged
off legal challenges from President Donald Trump as they have
not produced evidence of problems with votes.
Meanwhile, the Democratic Party retained control of the U.S.
House of Representatives with a lower majority, the Associated
Press reported, but investors are more focused on Senate races
in January that could determine if major Democratic priorities
such as a large coronavirus aid bill would be passed.
At 11:07 a.m. ET the Dow Jones Industrial Average .DJI
rose 32.54 points, or 0.11%, to 29,453.46, the S&P 500 .SPX
gained 20.02 points, or 0.56%, to 3,565.55 and the Nasdaq
Composite .IXIC gained 149.45 points, or 1.27%, to 11,700.87.
Lyft Inc LYFT.O jumped 5% after the ride-hailing app said
it was working on a new service to take a slice of the
burgeoning food-delivery market, as it works to make up for a
drop in quarterly revenue. The Philadelphia SE chip index .SOX rose about 1.6% after
suffering sharp losses a day earlier.
Advancing issues matched decliners on the NYSE and on the
Nasdaq.
The S&P 500 posted six new 52-week highs and no new low,
while the Nasdaq Composite recorded 68 new highs and five new
lows.