US STOCKS-S&P 500 scales new high on upbeat corporate earnings

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* GE jumps as free cash flow tops estimates
* J&J up on upbeat 2021 profit outlook; vaccine data "soon"
* Indexes: Dow up 0.31%, S&P up 0.07%, Nasdaq flat

(Updates to market open)
By Devik Jain and Medha Singh
Jan 26 (Reuters) - U.S. stocks rose on Tuesday with the S&P
500 hitting another record high as positive earnings updates
from a slew of companies including Dow components 3M and Johnson
& Johnson supported sentiment.
Johnson & Johnson JNJ.N rose 3.6% after the drugmaker
forecast 2021 profit above estimates and promised data from its
widely watched coronavirus vaccine trial soon. 3M Co MMM.N , which makes N95 face masks and Post-it notes,
added 2.5% after it reported a better-than expected quarterly
profit helped by lower costs and higher demand for its
healthcare products during the pandemic. "So far earnings have been really strong and the market is
looking forward to some of the big tech names starting to report
earnings today," said Ross Mayfield, investment strategy analyst
at Baird, in Milwaukee.
Tech heavyweight Microsoft Corp MSFT.O edged 0.7% higher,
while Advanced Micro Devices Inc AMD.O dipped 0.2%. Both the
companies are expected to report earnings after markets close.
Ten of the 11 S&P sectors rose in early trading with energy
.SPNY and industrials .SPLRCI leading gains.
Few if any changes are expected in the central bank's policy
statement at the end of a two-day meeting on Wednesday, with Fed
Chair Jerome Powell likely to address inflation in his
post-meeting news conference. With the S&P 500 trading at 22 times the 12-month forward
earnings, concerns about stock bubbles on Wall Street are
sparking fears of a pullback. Investors are keeping an eye out
for forecasts from corporate America to justify these higher
valuations. The International Monetary Fund on Tuesday raised its
forecast for global economic growth in 2021, but warned of
"exceptional uncertainty" amid risks from new waves of COVID-19
infections and variants. In focus is progress in stimulus talks, with U.S. Senate
Majority Leader Chuck Schumer saying on Monday that Democrats
may try to pass much of President Joe Biden's proposed $1.9
trillion coronavirus relief bill using a process that would
bypass a Republican filibuster and could pass with a majority
vote. "There is a little optimism that there's a path to
compromise on stimulus," Mayfield said.
At 09:53 a.m. ET the Dow Jones Industrial Average .DJI
rose 94.45 points, or 0.31%, to 31,054.45, the S&P 500 .SPX
gained 2.68 points, or 0.07%, to 3,858.04, and the Nasdaq
Composite .IXIC gained 0.17 points, or 0.01%, to 13,636.17.
General Electric Co GE.N jumped about 8% after the
industrial conglomerate offered an upbeat outlook for its
business this year and reported a surge in quarterly free cash
flow. L4N2K12D8
Regeneron Pharmaceuticals Inc REGN.O gained 0.5% after the
drugmaker said its antibody cocktail was effective in preventing
COVID-19 infection, based on interim results from a late-stage
study. American Express Co AXP.N fell 2.5% after it posted a 15%
drop in quarterly profit, as pandemic-led lockdowns and business
restrictions kept the credit card issuer's members from
traveling and dining out. Advancing issues outnumbered decliners for a 1.5-to-1 ratio
on the NYSE and a 1.3-to-1 ratio on the Nasdaq.
The S&P 500 posted 22 new 52-week highs and no new low,
while the Nasdaq recorded 339 new highs and 11 new lows.