US STOCKS-S&P 500 ends up slightly, tech-related shares underperform value

(Updates close with volume, details)
* Eastman Kodak plummets as government loan agreement put on
ice
* Energy stocks outperform
* Indexes: Dow up 1.3%, S&P 500 up 0.3%, Nasdaq down 0.4%

By Caroline Valetkevitch
Aug 10 (Reuters) - The Dow jumped 1%, the S&P 500 inched up
and the Nasdaq closed lower on Monday as investors extended a
rotation into value stocks from heavyweight tech-related names
while awaiting news on progress in a U.S. fiscal support bill.
The Nasdaq, which has been hitting record highs, was dragged
lower by Microsoft Corp MSFT.O , Amazon.com Inc AMZN.O and
Facebook Inc FB.O .
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 fell 0.5%.
"Part of the reason the S&P 500 has been held back is we're
starting to see yet another rotation to value and away from
growth," said Paul Nolte, portfolio manager at Kingsview
Investment Management in Chicago. "That tends to hold back the
S&P because it's so dominated by big tech."
Similar rotations in recent years have not lasted long, he
said, and, at this point, "I'm looking at this more as a
correction of growth than it is people abandoning stocks."
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 357.96 points,
or 1.3%, to 27,791.44, the S&P 500 .SPX gained 9.19 points, or
0.27%, to 3,360.47 and the Nasdaq Composite .IXIC dropped
42.63 points, or 0.39%, to 10,968.36.
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 with
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, gained, while technology .SPLRCT and
communication services .SPLRCL fell.


Among individual movers, Eastman Kodak Co KODK.N sank
27.9% 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 2% 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
2.45-to-1 ratio; on Nasdaq, a 1.56-to-1 ratio favored advancers.
The S&P 500 posted 40 new 52-week highs and no new lows; the
Nasdaq Composite recorded 103 new highs and 11 new lows.
Volume on U.S. exchanges was 9.76 billion shares, compared
with the 10.30 billion average for the full session over the
last 20 trading days.

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3-month spread between Russell 100 growth and value indexes https://tmsnrt.rs/33Hf525
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