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US STOCKS-Wall St rebound loses steam on report Trump to declare emergency

Published 13/03/2020, 17:21
© Reuters.  US STOCKS-Wall St rebound loses steam on report Trump to declare emergency
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(For a live blog on the U.S. stock market, click LIVE/ or

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* Technology, financial stocks move higher

* Apple lends biggest boost to S&P 500

* Oracle rises as results top estimates

* Boeing jumps but still on track for worst week ever

* Indexes up: Dow 1.35%, S&P 1.31%, Nasdaq 1.02%

(Adds comment, details; Updates prices)

By Sanjana Shivdas and Medha Singh

March 13 (Reuters) - A rebound on Wall Street on Friday

fizzled out following reports that President Donald Trump was

set to declare a national emergency to tackle the rapidly

spreading coronavirus outbreak.

Trump said earlier he would hold a news conference at 3 p.m.

ET (1900 GMT) about the pandemic, without providing details.

Wall Street's fear gauge .VIX jumped to its highest since

the 2008 financial crisis after logging its biggest-ever one-day

surge in history on Thursday. "There's no question there is a sort of skittishness in the

market about what the plan is, and how we are going to work

through this," said Gordon Charlop, managing director at

Rosenblatt Securities in New York.

"At this point, I still think the risk is more to the

downside than the upside."

All three main stock indexes gained more than 6% in early

trade following the worst daily selloff in more than three

decades in the previous session, as investors bet on another

round of fiscal stimulus to thwart a looming global recession.

Travel stocks, hammered in the rout, led gains, with the S&P

1500 airlines index .SPCOMAIR up 1.2%. Hotel operators

Marriott International Inc MAR.O , Hilton Worldwide Holdings

HLT.N and Hyatt Hotels Corp H.N advanced between 2.1% and

4.3%.

The heavyweight technology .SPLRCT sector was up 2.3%,

while the rate-sensitive financial sector .SPSY gained 3.4% as

U.S. Treasury yields rose. US/

Energy stocks .SPNY erased earlier gains to trade 2.3%

lower, while utilities .SPLRCU fell 0.6%.

Apple Inc AAPL.O rose 3.4%, providing the biggest boost to

the benchmark S&P 500, as the iPhone maker said it would reopen

all 42 of its branded stores in China. At 11:55 a.m. ET, the Dow Jones Industrial Average .DJI

was up 285.80 points, or 1.35%, at 21,486.42, while the S&P 500

.SPX was up 32.46 points, or 1.31%, at 2,513.10. The Nasdaq

Composite .IXIC was up 73.81 points, or 1.02%, at 7,275.61.

The indexes remained about 25% below their record highs hit

mid-February, and were on track for their biggest weekly

declines since the 2008 financial crisis.

Boeing Co BA.N jumped 6.5% but was still on track for its

worst weekly slump in history on rising concerns about the

company's growing cash burn.

Software company Oracle Corp ORCL.N jumped 9.7% after

topping quarterly profit and revenue expectations and flagging a

"minimal impact" from the virus outbreak on its fourth-quarter

revenue. Advancing issues almost matched decliners on the NYSE and

the Nasdaq.

The S&P index recorded no new 52-week high and 106 new lows,

while the Nasdaq recorded one new high and 511 new lows.

(Writing by Sagarika Jaisinghani; Editing by Sriraj Kalluvila

and Saumyadeb Chakrabarty)

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