US STOCKS-S&P 500 scales new record high on tech boost

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* GameStop jumps as Ryan Cohen to be made chairman
* Canopy Growth down on C$323 mln deal to buy Supreme
Cannabis
* Indexes: Dow down 0.23%, S&P up 0.14%, Nasdaq up 0.8%

(Adds comment, details; updates prices)
By Shivani Kumaresan and Medha Singh
April 8 (Reuters) - The S&P 500 hit a record high on
Thursday and the Nasdaq was at a seven-week peak, helped by
gains in tech-related stocks, a day after the Federal Reserve
reiterated its pledge to remain ultra-dovish until the economic
recovery is more secure.
Apple Inc AAPL.O , Microsoft Corp MSFT.O , Alphabet Corp
GOOGL.O and Amazon.com Inc AMZN.O rose between 1% and 1.5%
and were among the top boosts to the benchmark S&P 500.
High-growth tech stocks have recovered in recent sessions as
U.S. 10-year bond yield US10YT=RR backed off from its 14-month
highs, pushing the tech-heavy Nasdaq within 2% of its record
closing high.
Latest data showed the number of Americans filing new claims
for unemployment benefits unexpectedly rose last week, but the
increase likely understates the rapidly improving labor market
conditions. "While states balance the vaccine rollout with stop and
start reopening plans, the labor market continues to feel the
heat," said Mike Loewengart, managing director of investment
strategy at E*TRADE Financial.
"But the disappointing read actually puts some firepower
behind the Fed's accommodative stance."
The Fed acknowledged the economy was on its path to a strong
rebound backed by massive fiscal spending and accelerating
vaccinations, minutes released on Wednesday showed. However, the
central bank noted it would be "some time" before conditions
improve enough for the Fed to rein in its support.
Fed Chair Jerome Powell will speak at a virtual
International Monetary Fund event at 1200 ET (1600 GMT).
The tech sector .SPLRCT hit a record high, while
economy-linked financials .SPSY , industrials .SPLRCI and
energy .SPNY fell the most among major S&P sectors.
The Russell 1000 growth index .RLG , which consists of
tech-related stocks, gained about 1% while its value counterpart
.RLV , comprising mostly financials and energy names, dropped
about 0.4%.
At 10:05 a.m. ET the Dow Jones Industrial Average .DJI
fell 77.73 points, or 0.23% , to 33,368.53, the S&P 500 .SPX
gained 5.80 points, or 0.14%, to 4,085.75 and the Nasdaq
Composite .IXIC gained 106.30 points, or 0.78%, to 13,795.14.
The first-quarter earnings season begins in earnest next
week with results from big U.S. banks. Analysts have raised
expectations for first-quarter S&P 500 earnings increase to
24.2%, according to Refinitiv IBES data as of April 1, versus
21% forecast on Feb. 5.
"The next big catalyst for the markets will be earnings,"
said Peter Cardillo, chief market economist at Spartan Capital
Securities in New York.
"This is going to be an important earnings season as it is
the first quarter in comparison to a full year of the pandemic."
The so-called "meme stock" GameStop Corp GME.N rose 4.5%
after the company said it intends to elect activist investor
Ryan Cohen as chairman, putting him in the driver's seat as he
looks to transform the videogame retailer. Tesla Inc TSLA.O edged 1.4% higher on the Joe Biden
administration's $174 billion proposal to boost electric
vehicles. U.S. shares of Canopy Growth Corp CGC.O dropped about 3%
on a deal to buy rival Supreme Cannabis Co Inc FIRE.TO for
C$323.3 million ($256.9 million), as the world's biggest
cannabis producer bolsters its portfolio to tap surging demand.
Declining issues outnumbered advancers by a 1-to-1 ratio on
the NYSE. Advancing issues outnumbered decliners by a 1.2-to-1
ratio on the Nasdaq.
The S&P 500 posted 28 new 52-week highs and one new low,
while the Nasdaq recorded 80 new highs and 11 new lows.