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* Indexes up: Dow 1.57%, S&P 1.42%, Nasdaq 1.49%
* Ralph Lauren climbs after profit beat
* Tesla shares top $900 for the first time
* Alphabet slips as Google's ad business disappoints
(Updates to open)
By Medha Singh
Feb 4 (Reuters) - Gains in technology heavyweights helped
Wall Street's main indexes climb for the second day on Tuesday,
with fresh intervention by China's central bank calming investor
nerves.
China injected 1.7 trillion yuan ($242.74 billion) via
reverse repos on Monday and Tuesday, helping Chinese stocks
reverse some losses and lifting the world equity index
.MIWD00000PUS . The stimulus boosted investor sentiment even as several
economists cut their forecasts for 2020 global growth as the
fast-spreading virus has hampered business operations in the
world's second largest economy. "Investors seem to be reacting positively to the steps
currently being taken by Chinese authorities," said Art Hogan,
chief market strategist at National Securities in New York.
"Whether the virus has a lasting impact on the broader
global economy depends largely on the ability of the world's
major governments to effectively deploy resources to contain the
outbreak."
Nine of the 11 major S&P sectors were higher, led by a 1.7%
rise in energy stocks .SPNY as oil prices rebounded.
A more than 1.5% rise in shares of Apple Inc AAPL.O and
Microsoft Corp MSFT.O helped the technology .SPLRCT index
climb 1.8%.
But Alphabet Inc GOOGL.O slipped 3.4% after Google's
advertising business and new data about YouTube and Google Cloud
broadly disappointed. At 9:49 a.m. ET the Dow Jones Industrial Average .DJI was
up 444.78 points, or 1.57 percent, at 28,844.59, the S&P 500
.SPX was up 46.03 points, or 1.42 percent, at 3,294.95 and the
Nasdaq Composite .IXIC was up 137.94 points, or 1.49 percent,
at 9,411.34.
U.S. stocks rebounded on Monday, supported by a surprise
expansion in domestic factory activity following the S&P 500's
.SPX worst weekly decline in six months. Fears about the economic impact of the coronavirus outbreak
have overshadowed a largely positive fourth-quarter earnings
season. About 70% of nearly half of the S&P 500 companies that
have reported so far have surpassed earnings estimates.
Ralph Lauren Corp RL.N jumped 6.4% after the retailer's
holiday-quarter profit beat market expectations. Health insurer Centene Corp CNC.N slipped about 0.5%,
weighed down by a surge in quarterly medical costs. Investors were also eyeing the U.S. Democratic presidential
nominating race that got off to a chaotic start on Monday, with
officials blaming "inconsistencies" for an indefinite delay in
the state's caucus results. Advancing issues outnumbered decliners by a 4.63-to-1 ratio
on the NYSE and by a 4.71-to-1 ratio on the Nasdaq.
The S&P index recorded 43 new 52-week highs and two new
lows, while the Nasdaq recorded 71 new highs and 14 new lows.