US STOCKS-Technology stocks, industrials boost Wall Street

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 0.77 pct, S&P 0.68 pct, Nasdaq 1.07 pct

 (Changes comment, updates details, prices)
    By Amy Caren Daniel
    July 12 (Reuters) - U.S. indexes gained on Thursday, led by
marquee technology stocks hitting record highs and a rebound in
industrials, as optimism of a strong earnings season offset
fears 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 sector  .SPLRCT  rose 1.5 percent, leading
the gainers among 11 major S&P sectors. Industrials  .SPLRCI 
rose 1.04 percent, while the defensive utilities sector
 .SPLRCU , down 0.16 percent, was the only decliner. 
    CA Inc  CA.O  jumped 17.9 percent, the most on the S&P 500,
after chipmaker Broadcom  AVGO.O  announced a surprise $18.9
billion deal to buy the business software company. Broadcom
slumped 15.0 percent, leading S&P's losers.  urn:newsml:reuters.com:*:nL1N1U71YC
    Boeing  BA.N  and Caterpillar  CAT.N , among the hardest hit
by the recent trade dispute, rose about 1.4 percent helping send
the Dow Jones Industrial Average index higher.
    "The fears we had yesterday of a trade war, seem to have
temporarily subsided, and investors are pushing trade tariffs
aside for the moment as we enter into the earnings season." said
Andre Bakhos, managing director at New Vines Capital LLC.
    "Ahead of earnings, investors are making bets on what seems
to be very reliable and that is technology."
    Industrials led a slide on Wall Street on Wednesday after
the U.S. 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
    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 (CPI) 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:*:nLNSCIEEGI
    The earnings season kicks off in earnest on Friday, starting
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.
    The financial sector  .SPSY  rose 0.07 percent, ahead of
results from JPMorgan Chase  JPM.N , Wells Fargo  WFC.N  and
Citigroup  C.N .
     At 12:44 p.m. ET the Dow Jones Industrial Average  .DJI 
was up 190.98 points, or 0.77 percent, at 24,891.43, the S&P 500
 .SPX  was up 18.87 points, or 0.68 percent, at 2,792.89 and the
Nasdaq Composite  .IXIC  was up 82.52 points, or 1.07 percent,
at 7,799.13.
    Netflix  NFLX.O  fell 2 percent, the only decliner among the
so-called 'FAANG' stocks, after an UBS downgrade on valuation
concerns.
    The brokerage said it does not expect to see "the pronounced
upside to Q2 results vs. prior quarters" when Netflix reports
results on Monday.  urn:newsml:reuters.com:*:nL4N1U84NN
    Delta Air Lines  DAL.N  rose 0.9 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 decliners for a 1.51-to-1 ratio
on the NYSE and a 1.37-to-1 ratio on the Nasdaq.
    The S&P index recorded 33 new 52-week highs and 3 new lows,
while the Nasdaq recorded 77 new highs and 36 new lows.

 (Reporting by Amy Caren Daniel in Bengaluru; Editing by Shounak
Dasgupta)
 ((Amy.CarenDaniel@thomsonreuters.com ; within U.S.
+1-646-223-8780; outside U.S. +91 80 6749 9250 ; Reuters
Messaging: Amy.CarenDaniel.thomsonreuters.com@reuters.net))

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