US STOCKS-S&P 500 drifts higher on healthcare, tech lift

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* Technology, healthcare stocks shine
* Boeing rises on resuming 737 MAX production
* Twitter, Facebook drop amid threat of executive order
* Indexes up: Dow 0.43%, S&P 0.50%, Nasdaq 0.52%

(Adds details, quote; updates prices)
By Medha Singh
May 28 (Reuters) - Wall Street's major indexes rose on
Thursday, boosted by gains in healthcare and technology stocks,
as investors hoped for a swift economic recovery from a
coronavirus-driven economic slump.
Boeing Co BA.N climbed 3.3%, the most among the 30
blue-chip Dow components .DJI , as the planemaker said it had
resumed production of its 737 MAX passenger jet at its
Washington plant, although at a "low rate". Healthcare .SPXHC and technology .SPLRCT sectors rose 2%
and 1%, respectively, topping the major S&P sectors trading
higher.
The S&P 500 .SPX has soared about 38% from its low hit in
March as a restart in business activity after weeks of shutdown
and massive amounts of stimulus measures to support the economy
drove hopes of a recovery.
The benchmark index is now about 10% below its Feb 19 record
high.
"People have a lot of hope that the economy will spring back
to life pretty quickly," JJ Kinahan, chief market strategist at
TD Ameritrade in Chicago, said, while adding that there was
nervousness about reality keeping up with optimism.
Worsening ties between Washington and Beijing over the
handling of the coronavirus outbreak and a new national security
law in Hong Kong pose a major threat to the stock market's
strong recovery from the crash earlier this year.
President Donald Trump has promised action over Hong Kong by
the end of the week. "I would prefer that the market not go up quite as fast
because the sharper it moves higher, the more vulnerable it
becomes to a pullback," said Randy Frederick, vice president of
trading and derivatives for Charles Schwab in Austin, Texas.
Meanwhile, the number of Americans filing for unemployment
benefits held above 2 million for a 10th straight week, while a
separate report showed GDP contracted at a bigger-than-expected
5% annualized rate in the first quarter, the deepest drop in
output since the 2007-09 Great Recession. At 11:19 a.m. ET, the Dow Jones Industrial Average .DJI
was up 109.08 points, or 0.43%, at 25,657.35, the S&P 500 .SPX
was up 15.10 points, or 0.50%, at 3,051.23. The Nasdaq Composite
.IXIC was up 48.48 points, or 0.52%, at 9,460.84.
Bank stocks .SPXBK lagged after surging about 15% in the
past two sessions.
Memory chipmaker Micron Technology Inc MU.O dropped 3%,
despite raising its revenue forecast for the third quarter.
Twitter TWTR.N fell 2.2% and Facebook FB.O slipped 0.4%
ahead of an expected order from Trump that would review a law
that has long protected the companies from being responsible for
the material posted by their users. Advancing issues outnumbered decliners by a 1.49-to-1 ratio
on the NYSE and by a 1.38-to-1 ratio on the Nasdaq.
The S&P index recorded 14 new 52-week highs and no new lows,
while the Nasdaq recorded 50 new highs and six new lows.