US STOCKS-Wall St rebound loses steam on report Trump to declare emergency

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Technology, financial stocks move higher
* Apple lends biggest boost to S&P 500
* Oracle rises as results top estimates
* Boeing jumps but still on track for worst week ever
* Indexes up: Dow 1.35%, S&P 1.31%, Nasdaq 1.02%

(Adds comment, details; Updates prices)
By Sanjana Shivdas and Medha Singh
March 13 (Reuters) - A rebound on Wall Street on Friday
fizzled out following reports that President Donald Trump was
set to declare a national emergency to tackle the rapidly
spreading coronavirus outbreak.
Trump said earlier he would hold a news conference at 3 p.m.
ET (1900 GMT) about the pandemic, without providing details.
Wall Street's fear gauge .VIX jumped to its highest since
the 2008 financial crisis after logging its biggest-ever one-day
surge in history on Thursday. "There's no question there is a sort of skittishness in the
market about what the plan is, and how we are going to work
through this," said Gordon Charlop, managing director at
Rosenblatt Securities in New York.
"At this point, I still think the risk is more to the
downside than the upside."
All three main stock indexes gained more than 6% in early
trade following the worst daily selloff in more than three
decades in the previous session, as investors bet on another
round of fiscal stimulus to thwart a looming global recession.
Travel stocks, hammered in the rout, led gains, with the S&P
1500 airlines index .SPCOMAIR up 1.2%. Hotel operators
Marriott International Inc MAR.O , Hilton Worldwide Holdings
HLT.N and Hyatt Hotels Corp H.N advanced between 2.1% and
4.3%.
The heavyweight technology .SPLRCT sector was up 2.3%,
while the rate-sensitive financial sector .SPSY gained 3.4% as
U.S. Treasury yields rose. US/
Energy stocks .SPNY erased earlier gains to trade 2.3%
lower, while utilities .SPLRCU fell 0.6%.
Apple Inc AAPL.O rose 3.4%, providing the biggest boost to
the benchmark S&P 500, as the iPhone maker said it would reopen
all 42 of its branded stores in China. At 11:55 a.m. ET, the Dow Jones Industrial Average .DJI
was up 285.80 points, or 1.35%, at 21,486.42, while the S&P 500
.SPX was up 32.46 points, or 1.31%, at 2,513.10. The Nasdaq
Composite .IXIC was up 73.81 points, or 1.02%, at 7,275.61.
The indexes remained about 25% below their record highs hit
mid-February, and were on track for their biggest weekly
declines since the 2008 financial crisis.
Boeing Co BA.N jumped 6.5% but was still on track for its
worst weekly slump in history on rising concerns about the
company's growing cash burn.
Software company Oracle Corp ORCL.N jumped 9.7% after
topping quarterly profit and revenue expectations and flagging a
"minimal impact" from the virus outbreak on its fourth-quarter
revenue. Advancing issues almost matched decliners on the NYSE and
the Nasdaq.
The S&P index recorded no new 52-week high and 106 new lows,
while the Nasdaq recorded one new high and 511 new lows.

(Writing by Sagarika Jaisinghani; Editing by Sriraj Kalluvila
and Saumyadeb Chakrabarty)