US STOCKS-Wall St jumps with technology stocks, industrials

Reuters

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    * Facebook, Microsoft, Amazon hit record highs
    * CA shares surge on Broadcom's buyout deal
    * Industrials bounce back after Wednesday's slide
    * Steady economic data also bolsters sentiment
    * Indexes up: Dow 0.9 pct, S&P 0.8 pct, Nasdaq 1.3 pct

 (Updates to late afternoon)
    By Caroline Valetkevitch
    NEW YORK, July 12 (Reuters) - U.S. stocks climbed on
Thursday as top technology names hit record highs and
industrials rebounded, offsetting worries about a U.S.-China
trade war.
    Facebook  FB.O , Microsoft  MSFT.O  and Amazon  AMZN.O  hit
all-time intraday highs and along with Apple  AAPL.O  and
Alphabet  GOOGL.O  powered the S&P 500 and Nasdaq higher.
    The technology index  .SPLRCT  rose 1.6 percent, the day's
best-performing sector, and the group is now leading
year-to-date gains among sectors. Industrials  .SPLRCI  rose 1.1
percent, while the defensive utilities sector  .SPLRCU , which
had outperformed recently, was down 0.1 percent.
    Helping the tech sector is the view that those companies may
be more immune to potential trade dispute problems, said Quincy
Krosby, chief market strategist at Prudential Financial in
Newark, New Jersey.
    But also, she said, "The consensus is that negotiations will
resume and there will be some sort of agreement between the U.S.
and China. It could be naive, but that seems to be an emerging
consensus within the market."
    The United States late Tuesday threatened to impose tariffs
on $200 billion worth of Chinese goods. China said on Thursday
the two countries have not been in touch about restarting talks
and while it does not want a trade war, it would fight if
necessary.  urn:newsml:reuters.com:*:nL8N1U84ZT
    Boeing  BA.N  and Caterpillar  CAT.N , among the hardest hit
by the recent trade dispute, rose, boosting the Dow.
    Within tech, CA Inc  CA.O  jumped 18.3 percent after
chipmaker Broadcom  AVGO.O  announced a surprise $18.9-billion
deal to buy the business software company. Broadcom slumped 14
percent.  urn:newsml:reuters.com:*:nL1N1U71YC
    The Dow Jones Industrial Average  .DJI  rose 204.44 points,
or 0.83 percent, to 24,904.89, the S&P 500  .SPX  gained 21.84
points, or 0.79 percent, to 2,795.86 and the Nasdaq Composite
 .IXIC  added 98.70 points, or 1.28 percent, to 7,815.31.
    Weekly jobless claims hit a two-month low last week, the
Labor Department said, in a sign that labor market conditions
remained robust in early July.  urn:newsml:reuters.com:*:nLNSCIEEGH
    The consumer price index barely rose in June, but the
underlying trend continued to point to a steady buildup of
inflation pressure that could keep the Federal Reserve on a path
of gradual interest rate increases.  urn:newsml:reuters.com:*:nL1N1U71L6
    Reporting of quarterly earnings picks up steam on Friday
with the big Wall Street banks, and overall S&P 500 companies
are expected to post second-quarter profit growth of around 21
percent, according to Thomson Reuters I/B/E/S.
    Delta Air Lines  DAL.N  rose 1.6 percent, and lifted other
airline stocks, after the carrier's quarterly profit topped
estimates on higher average fares.  urn:newsml:reuters.com:*:nL4N1U845D
    Advancing issues outnumbered declining ones on the NYSE by a
1.71-to-1 ratio; on Nasdaq, a 1.45-to-1 ratio favored advancers.
    The S&P 500 posted 34 new 52-week highs and 3 new lows; the
Nasdaq Composite recorded 95 new highs and 41 new lows.  

 (Additional teporting by Amy Caren Daniel in Bengaluru; Editing
by Shounak Dasgupta and Nick Zieminski)
 ((caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393;
Reuters Messaging:
caroline.valetkevitch.thomsonreuters.com@reuters.net))

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