US STOCKS-S&P 500 hits record as investors await fiscal deal

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* Pfizer, BioNTech rise on getting UK approval for vaccine
* Salesforce drops on $28 bln deal to buy Slack Technologies
* NetApp gains on upbeat profit forecast

(Updates with close)
By Noel Randewich
Dec 2 (Reuters) - The S&P 500 .SPX inched up to a record
high close on Wednesday and the Nasdaq Composite Index .IXIC
dipped as investors weighed upbeat vaccine developments and a
potential coronavirus fiscal package against a bleak private
jobs report.
Republicans and Democrats in Congress remained unable to
reach agreement on fresh relief for a pandemic-hit U.S. economy,
although some investors said bad economic news could spur policy
makers to push harder for a deal. U.S. House Majority Leader Steny Hoyer also expressed hope
that a deal could be reached "in the next few days."
Signs of progress in the race to distribute a vaccine have
driven U.S. stocks higher in recent days. In the latest upbeat
development, Pfizer Inc PFE.N and BioNTech's BNTX.O COVID-19
vaccine got the green light for use in Britain, the first
Western country to approve a shot for COVID-19. Pfizer and
BioNTech both surged. Underscoring the argument for fiscal stimulus, data showed
private payrolls increased less than expected in November,
likely as soaring new infections and business restrictions
hampered the labor market's recovery. Moreover, the Federal Reserve's Beige Book report showed
"little or no growth" in four of the central bank's 12 U.S.
districts and only modest growth elsewhere in recent weeks.
Any potential sign of a worsening labor market in Friday's
broader jobs report could put more pressure on Congress to agree
on a stimulus package, said Ross Mayfield, an investment
strategy analyst at Baird.
"They are watching this stuff as much as investors are,"
Mayfield said. "It could be one of those reports where bad news
is good news if it spurs the right stakeholders to come to the
table."
Positive updates on coronavirus vaccine have helped
investors raise bets on a swift economic rebound next year,
powering the S&P 500 and Nasdaq to record highs on Tuesday.
A rotation into value stocks continued, with the S&P 500
financial index .SPSY and energy index .SPNY stocks gaining,
while consumer staples .SPLRCS dropped.
Unofficially, the Dow Jones Industrial Average .DJI rose
60.86 points, or 0.2%, to 29,884.78, the S&P 500 .SPX gained
6.54 points, or 0.18%, to 3,668.99 and the Nasdaq Composite
.IXIC dropped 5.74 points, or 0.05%, to 12,349.37.
Getting a generous stimulus package through Congress is a
top priority, President-elect Joe Biden said in an interview
with the New York Times. He also said he would not immediately
cancel the Phase 1 trade deal that Trump struck with China.
The biggest drag on the blue-chip Dow was a slump in
Salesforce.com Inc CRM.N after the software company agreed to
buy workplace messaging app provider Slack Technologies Inc
WORK.N in a $28 billion deal as it bets on an extended run for
remote working. Slack also fell. Cloud data service provider NetApp Inc's shares NTAP.O
jumped after it forecast third-quarter profit above
expectations.