US STOCKS-Nasdaq jumps to record high as tech stocks back in favor

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* Apple, Facebook, Tesla boost Nasdaq
* Intel drops on report of Apple prepping new Mac chips
* Oil companies slip, track decline in crude prices
* Nasdaq up 0.37%, Dow down 0.44%, S&P 500 off 0.16%

(Updates prices throughout)
By Shriya Ramakrishnan and Shreyashi Sanyal
Dec 7 (Reuters) - The Nasdaq surged to an all-time high on
Monday as investors piled into technology stocks after fresh
COVID-19 restrictions brought back the focus to the economic
impact of the pandemic, while the blue-chip Dow fell after a
four-day winning streak.
The tech-heavy Nasdaq .IXIC advanced 0.4%, as several of
its largest constituents, including Apple Inc AAPL.O , Facebook
Inc FB.O and Tesla Inc TSLA.O , the so-called stay-at-home
winners, gained between 1.4% and 4.7%.
Authorities in California, the most populous state in the
country, on Monday compelled much of the state to close shop and
stay at home the day after it reported a record 30,000-plus new
coronavirus cases. "I think what you are seeing today is a focus on the short
term with the shutdown, which is why technology is leading the
way," said Christopher Grisanti, chief equity strategist at MAI
Capital Management in Ohio.
"These are companies that can do well even if the economy
again goes into a shutdown. This is more reminiscent of early
2020, and I think it gives investors a chance to look ahead and
try to find investments that will work in 2021."
The S&P 500 energy index .SPNY fell over 1.6%, the most
among the 11 major sectors as oil prices slipped. Oil companies
Chevron Corp CVX.N , Exxon Mobil Corp XOM.N and Occidental
Petroleum Corp OXY.N fell between 1.0% and 2.5%.
Wall Street tracked a more cautious move in global stocks
earlier in the day after Washington imposed financial sanctions
and a travel ban on some Chinese officials over their alleged
role in Beijing's disqualification last month of elected
opposition legislators in Hong Kong. But with President-elect Joe Biden due to take office on
Jan. 20, analysts expect the focus to largely remain on his
approach to relations with China, and less on measures adopted
in the last few days of the Trump administration.
Meanwhile, investors are closely tracking developments on
the passage of a long-awaited coronavirus relief bill, after
months of deadlocked negotiations between Republicans and
Democrats.
A new $908 billion package remained hung up on Monday due to
differences over aid to state and local governments and business
liability protections. Promising vaccine updates from major drugmakers have raised
investor hopes for an economic recovery next year and eased
worries over a surge in U.S. infections, powering Wall Street's
main indexes to record highs recently.
At 12:17 p.m. ET, the Dow Jones Industrial Average .DJI
was down 134.44 points, or 0.44%, at 30,083.82, the S&P 500
.SPX was down 5.86 points, or 0.16%, at 3,693.26.
Intel Corp INTC.O fell 4.4% and was the top decliner on
the S&P 500 after Bloomberg News reported Apple Inc AAPL.O was
planning a series of new Mac processors for introduction as
early as 2021 that are aimed at outperforming Intel's fastest
processors. Declining issues outnumbered advancers for a 1.1-to-1 ratio
on the NYSE, while advancing issues outnumbered decliners for a
1-to-1 ratio on the Nasdaq.
The S&P 500 posted 24 new 52-week highs and no new low,
while the Nasdaq recorded 363 new highs and 12 new lows.