US STOCKS-Wall St slightly higher moments ahead of Trump speech

Reuters

Warning: This material has been prepared by a third party company, Reuters, which is independent of Davy. Davy has not reviewed the material and accepts no responsibility for errors or omissions, or for the information or opinions contained therein. It does not constitute investment advice.

* Merck up after FDA agrees to speedy review of drug * Indexes up: Dow 0.46 pct, S&P 0.16 pct, Nasdaq 0.11 pct (Adds details, comments, updates prices) By Yashaswini Swamynathan Jan 11 (Reuters) - The Dow got a healthy boost from Merck on Wednesday, while the S&P 500 and the Nasdaq inched higher moments before President-elect Donald Trump's first formal news conference got underway. Investors will closely watch Trump's speech, looking for clues on where his priorities as the new president lie, after taking office on Jan. 20 and how he plans boost economic growth. Trump's election in November sparked a record-setting rally. But, investors now want evidence on if and how he keeps his campaign-trail promises of stimulating the economy though increased public spending, tax cuts and repatriating U.S. companies' funds from overseas. The dollar .DXY , which has also basked in Trump's victory, rose to 102.79. However, concerns over some of his protectionist statements have kept investors wary. "I worry that it is going to be more about the distractions that he will address as opposed to the pro-growth policies and that is going to be the important factor for investors," said Mark Heppenstall, chief investment officer of Penn Mutual Asset Management. Oil prices also helped keep the equity market afloat, rising for the first time in three days after Saudi Arabia provided details of a February supply cut to some of its Asian customers. O/R Investors are also looking out to the corporate earnings season, which kicks off with big banks on Friday, to judge if financial results can support the lofty valuations Wall Street is trading at. S&P 500 companies' earnings are estimated to have risen 5.8 percent in the fourth quarter, the best in three years, largely helped by financials stocks, according to Thomson Reuters I/B/E/S. At 11:05 a.m. ET (1605 GMT), the Dow Jones Industrial Average .DJI was up 92.26 points, or 0.46 percent, at 19,947.79, the S&P 500 .SPX was up 3.65 points, or 0.16 percent, at 2,272.55 and the Nasdaq Composite .IXIC was up 6.09 points, or 0.11 percent, at 5,557.90. Seven of the 11 major S&P sectors were higher, with the healthcare sector's .SPXHC 0.23 percent rise the biggest boost. The sector is set for its seventh straight day of gains. Merck MRK.N surged 5 percent to $62.91 after the FDA agreed to a speedy review of the company's application to combine immunotherapy with other drugs to treat lung cancer. The stock gave the biggest push to the S&P and the Dow. urn:newsml:reuters.com:*:nL1N1F10AF AstraZeneca AZN.N and Bristol-Myers BMY.N , which are also developing similar therapies, dropped 1.3 percent and 2.7percent, respectively. Rite Aid RAD.N rose 3.8 percent to $8.64 after the NY Post reported that the drugstore operator's deal to be acquired by Walgreens WBA.O would be approved this month. Walgreens rose 2.6 percent. urn:newsml:reuters.com:*:nL4N1F13PM Advancing issues outnumbered decliners on the NYSE by 1,565 to 1,212. On the Nasdaq, 1,324 issues fell and 1,285 advanced. The S&P 500 index showed 12 new 52-week highs and two new lows, while the Nasdaq recorded 59 new highs and eight new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D'Souza) ((yashaswini.swamynathan@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 2405; Reuters Messaging: yashaswini.swamynathan.thomsonreuters.com@reuters.net)) Keywords: USA STOCKS/

Warning: This content may be provided by regulated and unregulated entities and is not created, reviewed or endorsed by Davy. It is provided for general information purposes only and does not constitute a recommendation or solicitation to purchase or sell any security or make any other type of investment or investment decision. Importantly, it does not constitute investment advice, as it does not contemplate the personal circumstances of any particular person or group of persons. Neither Davy nor the providers of the Third Party Content will be liable for any investment decision made based on the reliance on or use of such data, or any liability that may arise due to delays or interruptions in the delivery of the Third Party Content for any reason.