US STOCKS-Dow hits record high as inflation fears recede after data

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* High-growth stocks dip after strong comeback on Tuesday
* GameStop set for longest winning streak in six months
* Indexes up: Dow 1%, S&P 0.8%, Nasdaq 1.1%

(Updates to market open)
By Medha Singh and Shashank Nayar
March 10 (Reuters) - U.S. stocks jumped on Wednesday with
the Dow hitting a record high, as data showed underlying
consumer prices remained tepid in February, easing concerns
about a spike in inflation.
The 10-year U.S. Treasury yield US10YT=TWEB slipped from
its session highs as data showed core consumer prices index,
which excludes volatile items such as food and energy, rose less
than expected last month. Focus is on an auction of U.S. 10-year and 30-year debt
later in the day for clues to where yields in the recently
volatile market may be headed. "Expectations for near-term inflation to rise is going to
remain due to the huge public borrowings, but the tame inflation
data that has come today would definitely drive some optimism
among investors," said Arthur Weise, chief investment officer at
Kingsland Growth Advisors in New York.
Accelerated vaccine rollouts and a new hefty round of fiscal
stimulus on the horizon have raised bets on higher inflation,
triggering a sharp rise in Treasury yields that knocked off the
tech-heavy Nasdaq about 7% from its Feb. 12 record closing high.
The United States plans to double its order of the
single-shot Johnson & Johnson JNJ.N coronavirus vaccine,
procuring an additional 100 million doses, a White House
official said on Wednesday. The Nasdaq extended gains after logging its best one-day
percentage jump in four months on Tuesday, helped by a near 20%
jump in Tesla Inc's TSLA.O shares as investors picked up
momentum stocks that had recently taken a beating due to higher
yields.
Amazon.com Inc AMZN.O , Microsoft Corp MSFT.O and Tesla
extended gains by 0.8% and 4% from the previous session, while
economy-linked industrial .SPLRCI and financial .SPSY stocks
jumped more than 1% each.
The chunk of a $1.9 trillion relief aid, which is on track
to be signed into law later this week, is poised to end up in
the stock market and could provide a boost for GameStop GME.N
and other stocks popular among retail investors active in online
social media forums. Shares of GameStop jumped another 19%, setting the videogame
retailer on track for its longest streak of daily gains in six
months and extending a rally that has already doubled the
company's market value. Among other "meme" stocks, Koss Corp KOSS.O and AMC
Entertainment AMC.N climbed 52% and 14%.
Advancing issues outnumbered decliners by a 4.2-to-1 ratio
on the NYSE and by a 4.1-to-1 ratio on the Nasdaq.
The S&P 500 posted 20 new 52-week highs and no new low,
while the Nasdaq recorded 174 new highs and 10 new lows.