US STOCKS-Wall Street climbs on upbeat economic outlook

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* S&P 500, Dow set for fourth weekly rise in five
* AMC jumps on further reopening plans
* Energy stocks jump on signs of improving oil demand
* Indexes up: Dow 0.59%, S&P 0.61%, Nasdaq 0.83%

(Adds details, comment; Updates prices)
By Medha Singh and Devik Jain
June 19 (Reuters) - U.S. stocks advanced on Friday with the
tech-heavy Nasdaq hovering near a fresh record high on hopes of
a rebound in business activity from a virus-driven downturn,
with investors looking past new COVID-19 cases in several U.S.
states.
The Nasdaq opened above its all-time closing high on June
10, lifted by shares of the largest U.S. companies by market
capitalization, Apple Inc AAPL.O , Microsoft Corp MSFT.O and
Amazon.com Inc AMZN.O .
Still, the index, which is rising for the seventeenth time
in 20 sessions was a touch away from a new intraday record.
The benchmark S&P 500 and the blue-chip Dow are about 7% and
11% below their respective record closing highs hit in February.
Oil prices rose above $40 a barrel amid signs of gradual
recovery in demand and a promise by oil producers to meet supply
cuts, pushing up the S&P energy sector .SPNY by 1.4%. O/R
"Some investors are using oil prices as a signal with
respect to the health of the coming economy," Mike Zigmont, head
of trading & research at Harvest Volatility Management LLC in
New York.
Some investors also pointed to a Bloomberg report https://www.bloomberg.com/news/articles/2020-06-19/china-plans-to-accelerate-u-s-farm-purchases-after-hawaii-talks?srnd=premium-asia,
that said China plans to accelerate the purchase of U.S. farm
goods to comply with the Phase 1 trade deal, as a reason for the
strength in U.S. stocks.
Risk of a resurgence of the virus outbreak prompting another
round of restrictive measures led to choppy trading sessions
this week. However, the S&P 500 and the Dow are headed for their
fourth weekly rise in five following a strong retail sales
report and signs of additional official stimulus.
California, Florida and North Carolina urged mandatory mask
use on Thursday as at least six U.S. states set daily records
for new coronavirus cases. Trading volume is expected to spike, especially during the
opening and close of Friday's session on account of "quadruple
witching," as investors unwind interests in futures and options
contracts prior to expiration.
"I would expect some of these morning gains to get worked
off ... I don't think investors are going to be as confident
staying long over the weekend as they were two weeks ago,"
Zigmont said.
At 11:26 a.m. ET, the Dow Jones Industrial Average .DJI
was up 154.52 points, or 0.59%, at 26,234.62, the S&P 500 .SPX
was up 19.04 points, or 0.61%, at 3,134.38. The Nasdaq Composite
.IXIC was up 83.02 points, or 0.83%, at 10,026.07.
AMC Entertainment Holdings Inc AMC.N jumped 5.6% on plans
to reopen theaters at about 450 locations in the United States
next month and the company expects to return to full-seating
capacity around Thanksgiving. Later in the day, U.S. Federal Reserve Chair Jerome Powell
will participate in a video conference where he will talk about
ways to help the workforce better withstand and recover from
shocks related to the pandemic.
Advancing issues outnumbered decliners for a 2.57-to-1 ratio
on the NYSE and a 2.37-to-1 ratio on the Nasdaq.
The S&P index recorded 18 new 52-week highs and no new low,
while the Nasdaq recorded 111 new highs and one new low.