US STOCKS-Tech stocks extend S&P 500's rally to seventh straight session

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* Workday surges after lifting annual subscription forecast
* Dell rises as quarterly profit tops estimates
* Coca-Cola rises after announcing restructuring, job cuts
* Indexes up: Dow 0.27%, S&P 0.25%, Nasdaq 0.55%

(Updates to market open)
By Medha Singh
Aug 28 (Reuters) - The S&P 500 rose on Friday, extending a
six-day rally led by technology stocks as the prospect of
super-low interest rates for a prolonged period and bets on a
medical solution to the COVID-19 pandemic spurred risk appetite.
The tech sector's .SPLRCT 0.7% rise provided the biggest
boost to the benchmark index. Energy stocks .SPNY advanced
0.6% as hurricane Laura passed the heart of the U.S. oil
industry in Louisiana and Texas without causing any widespread
damage to refineries. The Federal Reserve on Thursday unveiled a plan to support
inflation and restore the U.S. economy from its biggest downturn
since the Great Depression.
Data on Friday showed U.S. consumer spending increased more
than expected in July, though momentum is likely to ebb as the
COVID-19 pandemic lingers and fiscal stimulus dries up with no
sight of the next round of coronavirus relief package.
"There's no question consumer spending is going to be under
some stress until we get additional fiscal support," said Albert
Brenner, director of asset allocation strategy at People's
United Advisors in Bridgeport, Connecticut.
The S&P 500 and the Nasdaq have scaled record highs and the
benchmark is on track for its best August in 34 years, partly
powered by a rally in technology stocks, while the blue-chip Dow
traded above the break-even level for 2020.
"We'd like to see a sort of a broadening of (stocks in the
rally); that would indicate to us some greater confidence of
market participants in the economic recovery," Brenner said.
Progress in the race to develop treatments and vaccines for
COVID-19 have also added to the cheer. Johnson & Johnson's
JNJ.N Janssen unit said it would expand testing for its
experimental coronavirus vaccine to Spain, the Netherlands and
Germany next week. Meanwhile, the U.S. election campaign entered its final
stretch with U.S. President Donald Trump's Republican nomination
for a second term. Analysts expect market volatility .VIX to
increase again ahead of voting in November.
At 9:57 a.m. ET, the Dow Jones Industrial Average .DJI was
up 77.58 points, or 0.27%, at 28,569.85, the S&P 500 .SPX was
up 8.77 points, or 0.25%, at 3,493.32. The Nasdaq Composite
.IXIC was up 63.60 points, or 0.55%, at 11,688.94.
United Airlines UAL.O rose 1.9% as it prepared for the
biggest pilot furloughs of its history, a day after announcing
the need to cut 21% jobs this year. Coca-Cola Co KO.N gained 0.8% as it announced plans to
nearly halve its operating units and offer voluntary separation
to 4,000 workers. In the latest sign that technology companies are booming in
the pandemic, business software provider Workday Inc WDAY.O
jumped 13.2% after raising its annual subscription forecast and
Dell Technologies Inc DELL.N gained 6.9% after reporting a
quarterly profit beat. Advancing issues outnumbered decliners by a 2.19-to-1 ratio
on the NYSE and by a 1.65-to-1 ratio on the Nasdaq.
The S&P index recorded 12 new 52-week highs and no new low,
while the Nasdaq recorded 43 new highs and nine new lows.