US STOCKS-Wall Street rebounds ahead of tech earnings, upbeat data helps

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* Tapestry jumps after earnings beat estimates
* Pinterest soars after results, lifts social media cos
* Apple, Amazon, Alphabet, Facebook rise ahead of results
* Indexes up: Dow 0.4%, S&P 1%, Nasdaq 1.4%

(Adds comment, details; updates prices)
By Medha Singh and Shivani Kumaresan
Oct 29 (Reuters) - U.S. stocks gained ground on Thursday as
investors piled into technology heavyweights ahead of their
earnings reports, while upbeat economic data calmed worries
about surging coronavirus cases.
The rebound from a more than 3% slide in Wall Street's major
indexes in the previous session underscored the heightened
market volatility ahead of the presidential election next week.
"The market is just digesting yesterday's action and looking
forward to the big tech earnings tonight," said Clark Kendall,
chief executive officer of Kendall Capital in Rockville,
Maryland.
Apple Inc AAPL.O , Amazon.com Inc AMZN.O and Alphabet Inc
GOOGL.O , which have seen a surge in demand for their products
and services from people staying at home, rose between 1.5% and
3.4% ahead of their results after the closing bell.
Facebook Inc FB.O and Twitter Inc TWTR.N , which will also
report later in the day, jumped about 5% and 7%, respectively,
as Pinterest Inc PINS.N forecast a rebound in ad spending.
Shares of the image-sharing company soared more than 28%.
The NYSE FANG+TM Index .NYFANG jumped 2.4%. Communication
services .SPLRCS , materials .SPLRCM and technology .SPLRCT
rose the most among major S&P sectors.
Sentiment also got a boost from data that showed the U.S.
economy grew at a record pace in the third quarter as the
government poured out more than $3 trillion worth of pandemic
raid. A separate report showed weekly unemployment claims fell
last week.
"It's positive data, but it's a little bit backward looking
because you have COVID-19 cases on the rise again which doesn't
really send a strong signal about the fourth quarter," said
Shawn Snyder, head of investment strategy at Citi Personal
Wealth Management in New York.
The CBOE volatility index .VIX has surged to a 15-week
high this week due to lack of fiscal stimulus, while the White
House coronavirus task force urged for aggressive measures to
curb the pandemic.
Democratic challenger Joe Biden holds a comfortable lead
over President Donald Trump in national polls, but the race in
battleground states that will likely decide the election are
tighter than the national surveys. At 12:41 p.m. ET, the Dow Jones Industrial Average .DJI
rose 99.39 points, or 0.37% to 26,619.34 and the S&P 500 .SPX
gained 31.70 points, or 0.97% to 3,302.73. The Nasdaq Composite
.IXIC gained 157.39 points, or 1.43% to 11,162.26.
Coach owner Tapestry Inc TPR.N climbed 4% as it beat
quarterly profit estimates and forecast growth for the year as
demand for luxury handbags and apparel rebounds in China from
pandemic lows. Advancing issues outnumbered declining ones on the NYSE by a
1.5-to-1 ratio and by a 1.3-to-1 ratio on the Nasdaq.
The S&P 500 posted four new 52-week highs and 10 new lows,
while the Nasdaq Composite recorded 36 new highs and 73 new
lows.