US STOCKS-Tech stocks, upbeat U.S. factory data help Wall St rebound

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* Google-parent Alphabet rises ahead of results
* Nike rises as JP Morgan adds stock to focus list
* Gilead rises on testing Ebola drug for coronavirus
* Exxon Mobil falls after Goldman Sachs downgrade
* Indexes up: Dow 0.67%, S&P 0.90%, Nasdaq 1.38%

(Updates to early afternoon)
By Medha Singh
Feb 3 (Reuters) - U.S. stocks rose on Monday, with gains in
Amazon and technology stocks as well as a surprise rebound in
U.S. factory activity helping markets attempt a recovery from
steep weekly losses due to concerns over the coronavirus
epidemic.
ISM data showed the manufacturing expanded in January after
five straight months of contraction, indicating that a slump in
business investment has probably bottomed out. "The coronavirus has been an excuse for the markets to take
rest," said Clark Kendall, president and CEO of Kendall Capital.
"If you look past the coronavirus, it creates a great
opportunity for an investor."
Google-parent Alphabet Inc GOOGL.O gained 3.1% ahead of
its quarterly results, which will wrap up earnings for the
so-called FAANG stocks.
Microsoft Corp MSFT.O rose 2.1%, helping the technology
.SPLRCT index .SPLRCT advance 1.3%, the most among the 11
major S&P indexes.
Also helping the mood was an intervention by China's central
bank to improve liquidity and relieve pressure on its economy
from the impact of the virus outbreak. Concerns about the economic fallout of the virus outbreak,
which has been declared a global emergency, shaved off more than
600 points from the Dow .DJI on Friday. The S&P 500 .SPX
closed its worst week in six months, while the Nasdaq .IXIC
suffered its steepest weekly decline in four months.
At 12:52 p.m. ET, the Dow Jones Industrial Average .DJI
was up 188.40 points, or 0.67%, at 28,444.43, the S&P 500 .SPX
was up 28.89 points, or 0.90%, at 3,254.41. The Nasdaq Composite
.IXIC was up 126.00 points, or 1.38%, at 9,276.93.
Nike Inc NKE.N rose 4.1% after JP Morgan added the
footwear maker to its focus list.
Gilead Sciences Inc GILD.O gained 5.5% after the drugmaker
said it has provided its experimental Ebola therapy for use in a
small number of patients affected by the coronavirus in China.
Tesla TSLA.O jumped 15% as Japan's Panasonic Corp 6752.T
posted its first ever quarterly profit in its U.S. battery
business with the electric-car maker. Exxon Mobil Corp XOM.N dropped 2.3% after Goldman Sachs
downgraded the oil major's shares to "sell".
Advancing issues outnumbered decliners by a 2.17-to-1 ratio
on the NYSE and a 2.25-to-1 ratio on the Nasdaq.
The S&P index recorded 23 new 52-week highs and eight new
lows, while the Nasdaq recorded 53 new highs and 61 new lows.