US STOCKS-Tech leads Wall St higher as virus fears grow

Reuters

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    * U.S. coronavirus cases top 7 million
    * Costco Wholesale drops on high COVID-19 costs
    * Cruise operators jump after Barclays upgrade
    * Indexes up: Dow 0.36%, S&P 0.59%, Nasdaq 1.09%

 (Adds comments; updates prices)
    By Devik Jain
    Sept 25 (Reuters) - Wall Street's main indexes rose on
Friday, led by technology-related stocks, but were still set for
their longest weekly losing streak in a year as fears about the
coronavirus' impact on the economy weighed on investor
sentiment.
    Shares of tech mega-caps including Facebook Inc  FB.O ,
Alphabet Inc  GOOGL.O , Amazon.com Inc  AMZN.O , Apple Inc
 AAPL.O  and Netflix Inc  NFLX.O , which are perceived as
relatively safe assets at a time of economic uncertainty,
climbed between 0.4% and 1.9%.
    The information technology index  .SPLRCT  jumped another
1.2% after outperforming for most of the week as investors
ditched value-linked stocks  .IVX  in the face of deteriorating
economic data.
    "We've been down for a number of days and the market is such
that it's looking for opportunities to buy," said Barry James,
portfolio manager at James Investment Research in Ohio.
    All the three major U.S. stock indexes are on course for
their fourth straight week of declines - their longest weekly
losing streak since August 2019.
    Volatility  .VIX  has also shot up as investors look for
clarity on more Congressional stimulus ahead of the Nov. 3
presidential election.
    At 11:40 a.m. ET, the Dow Jones Industrial Average  .DJI 
was up 97.00 points, or 0.36%, at 26,912.44, the S&P 500  .SPX 
was up 19.02 points, or 0.59%, at 3,265.61, and the Nasdaq
Composite  .IXIC  was up 116.18 points, or 1.09%, at 10,788.44. 
  
    The S&P industrials sector  .SPLRCI  added 0.8% as data
showed new orders for key U.S.-made capital goods jumped in
August, while a 0.7% slide in energy stocks  .SPNY  put them on
course for one of their worst weeks since the coronavirus-driven
crash in March.  urn:newsml:reuters.com:*:nL2N2GM0I8
    Royal Caribbean  RCL.N , Norwegian Cruise Line  NCLH.N  and
Carnival Corp  CCL.N  jumped more than 5% after a report that
Barclays upgraded their stock to "overweight".  urn:newsml:reuters.com:*:nL2N2GM0JY
    Costco Wholesale Corp  COST.O  fell 2.6% as the warehouse
chain recorded high coronavirus-related costs for the second
straight quarter.  urn:newsml:reuters.com:*:nL3N2GL3UZ
    Boeing Co  BA.N  gained 3.6% after Europe's chief aviation
safety regulator said the planemaker's grounded 737 MAX could
receive regulatory approval to resume flying in November and
enter service by the end of the year.  urn:newsml:reuters.com:*:nL5N2GM1WU
    Novavax Inc  NVAX.O  jumped 11.3% after the drugmaker
launched a late-stage trial of its experimental COVID-19 vaccine
in the UK.  urn:newsml:reuters.com:*:nL3N2GM2KJ
    Advancing issues outnumbered decliners 1.29-to-1 on the NYSE
and 2.09-to-1 on the Nasdaq.
    The S&P index recorded one new 52-week high and no new low,
while the Nasdaq recorded 14 new highs and 30 new lows.    

 (Reporting by Devik Jain in Bengaluru; Editing by Arun Koyyur
and Anil D'Silva)
 ((Devik.Jain@thomsonreuters.com; within U.S. +1 646 223 8780;
outside U.S. +91 80 6182 2062))

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