US STOCKS-S&P 500, Nasdaq rise after upbeat economic data

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* Tapestry jumps after earnings beat estimates
* Pinterest soars after results, lifting social media cos
* Apple, Amazon, Alphabet, Facebook rise ahead of results
* Indexes: Dow down 0.3%, S&P up 0.1%, Nasdaq up 0.5%

(Updates to market open)
By Medha Singh and Shivani Kumaresan
Oct 29 (Reuters) - The S&P 500 and the Nasdaq rose on
Thursday after upbeat economic data eclipsed worries about
surging coronavirus cases, while technology heavyweights found
support ahead of quarterly earnings reports.
The U.S. economy grew at a record pace in the third quarter
as the government poured out more than $3 trillion worth of
pandemic relief. A separate report showed weekly unemployment
claims fell more than expected in the latest week. "GDP hit it out of the park, as expected," said Chris
Larkin, managing director of trading and investment product at
E*TRADE Financial.
"But it remains to be seen if that can provide any catalyst
given that it's not really capturing the slowdown we've seen in
the past few weeks and we're coming off of a dismal Q2 read."
The CBOE volatility index .VIX still hovered at a 15-week
high as the White House coronavirus task force urged for
aggressive measures to curb the spread of the disease and on
anxiety over the outcome of the Nov. 3 presidential election.
Democratic challenger Joe Biden holds a comfortable lead
over President Donald Trump in national polls, but the race in
battleground states that will likely decide the election are
tighter than the national surveys. Stalled efforts in Washington over fresh stimulus and an
alarming rise in COVID-19 cases globally have put Wall Street's
main indexes on course for their worst week since March.
"People are worried that the shutdown in Europe is going to
spread to the United States although I think the chances of
another national shutdown are extremely low," said Robert
Pavlik, senior portfolio manager in New York.
The energy sector .SPNY fell 0.7% as oil prices were
hammered by fears over fuel demand as Germany and France went
back into lockdown. At 09:50 a.m. ET, the Dow Jones Industrial Average .DJI
fell 69.30 points, or 0.26% to 26,450.65 and the S&P 500 .SPX
gained 4.99 points, or 0.15% to 3,276.02.
The Nasdaq Composite .IXIC gained 58.57 points, or 0.53%
to 11,063.44 as heavyweights Apple Inc AAPL.O , Amazon.com Inc
AMZN.O and Alphabet Inc GOOGL.O rose about between 0.4% and
3% ahead of their results after the closing bell.
Facebook Inc FB.O , which also reports later in the day,
gained 3.2%, riding on Pinterest Inc's PINS.N upbeat forecast
for sales growth that highlighted a rebound in ad spending.
Shares of the image-sharing company soared over 38%, also
driving a 7% gain in Twitter Inc TWTR.N .
Coach owner Tapestry Inc TPR.N jumped 8% after it beat
quarterly results estimates and forecast growth for the year as
demand for luxury handbags and apparel rebounds in China from
pandemic lows. Declining issues outnumbered advancing ones on the NYSE by a
2-to-1 ratio; on Nasdaq, a 0.6-to-1 ratio favored decliners.
The S&P 500 posted three new 52-week highs and 10 new lows;
the Nasdaq Composite recorded 22 new highs and 53 new lows.