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* Weekly jobless claims stuck at higher levels
* Rebound continues for Apple, Tesla shares
* Indexes up: Dow 0.68%, S&P 0.74%, Nasdaq 1.32%
(Updates to market open)
By Medha Singh and Devik Jain
Sept 10 (Reuters) - U.S. stocks resumed their climb on
Thursday as demand for cheaper tech-related stocks and hopes of
further coronavirus aid from the government overshadowed
economic data that pointed to a choppy rebound.
Apple Inc AAPL.O , the biggest U.S. company by market
capitalization, rose 1.8%, while Tesla Inc TSLA.O jumped 6.1%.
Other heavyweights Amazon.com Inc AMZN.O , Microsoft Corp
MSFT.O and Facebook Inc FB.O were among major boosts to the
S&P 500 and Nasdaq.
Wall Street's main indexes bounced on Wednesday from their
biggest three-day rout since March, as investors returned to
tech-focused stocks that are deemed insulated from the current
economic downturn.
Market participants are also viewing the selloff as a bout
of turbulence rather than the start of a longer slide.
"If (the stock market) today closes up, even if they're
small gains, that's going to give more confidence back to Wall
Street participants to feel more comfortable to get back in,"
said Robert Pavlik, chief investment strategist at SlateStone
Wealth LLC in New York.
The CBOE volatility index .VIX fell further away from a
near three-month high hit at the start of a historically
tumultuous September. Investors have also remained cautious as
data paints a mixed picture of U.S. economic health.
Initial claims for state unemployment benefits totaled a
seasonally adjusted 884,000 for the week ended Sept. 5, matching
the number of applications received in the prior week as layoffs
and furloughs persisted across industries. A separate report showed U.S. producer prices rose slightly
more than expected in August as the cost of services increased
solidly, while underlying producer inflation continued to firm.
The U.S. Senate was set to vote later in the day on a
significantly scaled back Republican coronavirus relief bill in
what could be the final vote on fiscal aid in Congress before
the Nov. 3 presidential and congressional elections.
At 10:05 a.m. ET, the Dow Jones Industrial Average .DJI
was up 189.31 points, or 0.68%, at 28,129.78, the S&P 500 .SPX
was up 25.21 points, or 0.74%, at 3,424.17, and the Nasdaq
Composite .IXIC was up 147.29 points, or 1.32%, at 11,288.86.
Technology .SPLRCT , financial .SPSY and consumer
discretionary .SPLRCD sectors rose the most among major S&P
sectors.
Advancing issues outnumbered decliners more than 2-to-1 on
the NYSE and on the Nasdaq.
The S&P index recorded six new 52-week highs and one new
low, while the Nasdaq recorded 28 new highs and 11 new lows.