US STOCKS-Dow hits record, cyclicals rise on jobless claims data

* Weekly jobless claims fall more than expected
* Pharma slides as Biden backs COVID-19 vaccine IP waiver
* Regeneron up on better-than-expected quarterly profit
* Indexes: Dow +0.46%, S&P 500 +0.17%, Nasdaq -0.41%

(Updates with afternoon trade)
By Shreyashi Sanyal and Krystal Hu
May 6 (Reuters) - The Dow Jones Industrial Average .DJI
hit a record high on Thursday, bolstered by an upbeat weekly
jobless claims report, while shares of vaccine makers fell after
President Joe Biden backed plans to waive patents on COVID-19
shots.
Lifted by Apple Inc AAPL.O , the S&P 500 rose after a Labor
Department report showed initial claims for state unemployment
benefits totaled a seasonally adjusted 498,000 for the week
ended May 1 compared with 590,000 in the prior week.
Investors were awaiting a more comprehensive non-farm
payrolls report on Friday for clues on the strength of the labor
market and potentially the U.S. Federal Reserve's stance on
monetary policy.
"Investors are encouraged by the low-interest rates and the
stimulus that the government is putting into the economy. We're
also seeing substantial increases in economic projections and
earnings forecasts," said Sam Stovall, chief investment
strategist at CFRA Research.
Pharmaceutical companies dropped after the White House said
Biden made the decision to back a proposed waiver for COVID-19
vaccine intellectual property rights.
Shares in Pfizer Inc PFE.N , Moderna Inc MRNA.O , Johnson
& Johnson JNJ.N and Novavax Inc NVAX.O , all involved in the
making of COVID-19 vaccines, fell between 0.2% and 1.7%.
The S&P 500 healthcare sector index .SPXHC slipped 0.5%,
while the Nasdaq biotechnology index .NBI dropped about 1%.
Moderna's shares cut some losses after it said countries
around the globe would continue buying its COVID-19 vaccine for
years even if patents on the shots are waived. Microsoft Corp MSFT.O , Apple AAPL.O and Amazon.com Inc
AMZN.O gained under 1% each.
The Dow Jones Industrial Average .DJI was up 0.46% at
34,386.31 points, while the S&P 500 .SPX gained 0.17% to
4,174.58.
The Nasdaq Composite .IXIC dropped 0.41% to 13,526.47,
pulled lower in part by a 1.9% dip in Tesla TSLA.O .
Costco Wholesale COST.O jumped 2% after the retailer said
late on Wednesday that its April sales surged 33.5%. That rally
helped push the S&P 500 consumers staple index up 1%.
Regeneron Pharmaceuticals Inc REGN.O rose 3.5% after the
drugmaker reported a better-than-expected quarterly profit and
said it expected demand for its COVID-19 antibody therapy to
hold up. Uber Technologies Inc UBER.N fell 8.5% after it signaled
it would pay drivers more to get cars back on the road as the
pandemic recedes, and disclosed a $600 million charge to provide
UK drivers with benefits.
Declining issues outnumbered advancing ones on the NYSE by a
1.19-to-1 ratio; on Nasdaq, a 2.18-to-1 ratio favored decliners.
The S&P 500 posted 106 new 52-week highs and no new lows;
the Nasdaq Composite recorded 96 new highs and 134 new lows.