US STOCKS-Nasdaq rebounds as focus returns to tech stocks

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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 0.3%, S&P 0.7%, Nasdaq 1.5%

(Updates to market open)
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 1.5%, while
technology mega-caps including Netflix Inc NFLX.O , Amazon.com
Inc AMZN.O and Facebook Inc FB.O , the so-called stay-at-home
winners, also gained between 1% and 2%.
The tech index .SPLRCT climbed 1.6%, the most among major
S&P sectors, followed by the consumer discretionary index
.SPLRCD .
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 growth, as well as those
that have lagged this year such as energy, financials and
industrials.
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. "It will be a long time before we can get a sizable part of
the population inoculated with the vaccine ... but it does speak
to a slightly brighter future," said Randy Frederick, vice
president of trading and derivatives for Charles Schwab in
Austin, Texas.
Markets, which have 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
like a large coronavirus aid bill would be passed. At 09:52 a.m. ET the Dow Jones Industrial Average .DJI
rose 81.21 points or 0.28% to 29,502.13, the S&P 500 .SPX
gained 23.46 points or 0.66% to 3,568.99 and the Nasdaq
Composite .IXIC gained 171.47 points or 1.48% to 11,725.33.
S&P's growth stock index .IGX , outperformed the
economically sensitive value index .IGX in a reversal of
Tuesday's trend.
Lyft Inc LYFT.O jumped 6% 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 3% after
suffering sharp losses a day earlier.
Advancing issues nearly matched decliners on the NYSE, and
on the Nasdaq, a 1.2-to-1 ratio favored advancers.
The S&P 500 posted five new 52-week highs and no new low,
while the Nasdaq Composite recorded 52 new highs and 1 new low.