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* Tech stocks provide biggest boost to S&P, Nasdaq
* Apple slips as China business shutdown threatens demand
* Tesla jumps after Shanghai factory resumes production
* Indexes up: Dow 0.28%, S&P 0.36%, Nasdaq 0.62%
(Changes comment, adds details, updates prices)
By Medha Singh
Feb 10 (Reuters) - U.S. stocks rose and the Nasdaq hit a
record high on Monday, as a recent set of strong domestic
economic data and largely upbeat fourth-quarter earnings
tempered worries about the impact of the coronavirus outbreak on
global growth.
People returned to work in China after an extended new year
holiday even as the country grappled with the epidemic that has
now claimed more lives than Severe Acute Respiratory Syndrome
(SARS). "Some people think the outbreak may have a very decelerating
impact on growth in China specifically," said Peter Kenny,
founder at Kenny's Commentary LLC and Strategic Board Solutions
LLC in New York.
"But at the end of the day, corporate earnings and U.S.
economic data are very strong and we're seeing more of that
confidence being priced into stock performances."
Wall Street's main indexes slipped from record highs on
Friday, but the S&P 500 .SPX posted its best week in eight
months.
Of the 324 S&P 500 companies that have reported quarterly
results so far, about 71% have beaten earnings estimates, which
is above the long-term average of 65%, according to IBES data
from Refinitiv.
At 11:34 a.m. ET, the Dow Jones Industrial Average .DJI
was up 81.65 points, or 0.28%, at 29,184.16 and the S&P 500
.SPX was up 12.05 points, or 0.36%, at 3,339.76. The Nasdaq
Composite .IXIC was up 58.56 points, or 0.62%, at 9,579.07.
Ten of the 11 major S&P sectors were higher, with technology
.SPLRCT stocks climbing 0.7%.
Electric carmaker Tesla Inc TSLA.O rose 2.7% as its
Shanghai factory returned to service. Apple Inc AAPL.O fell marginally as analysts predicted
China's smartphone sales may plunge by as much as 50% in the
first quarter due to store closures and production suspensions
following the outbreak. Eli Lilly LLY.N dropped 2% after experimental drugs from
the U.S. pharmaceutical firm and Switzerland's Roche ROG.S
failed to halt Alzheimer's disease. Markets on Monday will also watch for President Donald
Trump's $4.8-trillion budget proposal for fiscal year 2021, and
Fed Chair Jerome Powell's two-day address to the U.S. Congress,
starting Tuesday.
Advancing issues outnumbered decliners by a 1.30-to-1 ratio
on the NYSE and by a 1.20-to-1 ratio on the Nasdaq.
The S&P index recorded 33 new 52-week highs and two new
lows, while the Nasdaq recorded 64 new highs and 67 new lows.