US STOCKS-Wall St at record levels after U.S. extends Huawei reprieve

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* Trade deal mood in Beijing pessimistic - CNBC
* Chipmakers rise as U.S. grants 90-day extension to Huawei
* HP dips after rejecting Xerox's $33.5 bln bid
* Coty gains after taking stake in Kylie Jenner's businesses
* Indexes: Dow up 0.04%, S&P flat, Nasdaq off 0.03%

(Adds comments, updates market action)
By Arjun Panchadar
Nov 18 (Reuters) - Wall Street hovered around record levels
on Monday after Washington's move to grant an extension for U.S.
companies to do business with China's Huawei helped ease some
concerns around U.S.-China trade relations.
The benchmark S&P 500 and blue-chip Dow Jones indexes hit
fresh record highs, while the Nasdaq was near its all-time
level.
The three main indexes had opened lower after CNBC reported
that the mood in Beijing about a deal was pessimistic due to
President Donald Trump's reluctance to roll back tariffs.
Investors had turned optimistic over the weekend after
Chinese state media said the two sides had held "constructive"
trade talks, days after White House economic adviser Larry
Kudlow said they were getting close to a deal.
"This (CNBC report) shows that progress doesn't happen in a
straight line and that is starting to frustrate people today. It
feels very herky-jerky," said Scott Ladner, chief investment
officer at Horizon Investments in Raleigh, North Carolina.
Six of the 11 major S&P 500 sectors were higher. Technology
shares .SPLRCT reversed course to trade higher, while the
Philadelphia Semiconductor index .SOX also gained 0.36%.
However, defensives such as utilities .SPLRCU , real estate
.SPLRCR and consumer staples .SPLRCS - also known as bond
proxies due to their high dividend yields - were the biggest
gainers.
Global stocks got a boost earlier in the day from a surprise
cut in a key interest rate by China for the first time in more
than four years. MKTS/GLOB
Attention this week turns to minutes from the Federal
Reserve's latest policy meeting, where the central bank cut
interest rates for the third time this year.
Also on the radar are results from U.S. retailers, including
Home Depot Inc HD.N , Kohl's Corp KSS.N and Target Corp
TGT.N .
At 11:56 a.m. ET the Dow Jones Industrial Average .DJI was
up 10.28 points, or 0.04%, at 28,015.17, the S&P 500 .SPX was
up 0.30 points, or 0.01%, at 3,120.76 and the Nasdaq Composite
.IXIC was down 2.15 points, or 0.03%, at 8,538.68.
Shares of HP Inc HPQ.N fell 1.2% after the company
rebuffed a $33.5 billion offer from Xerox Holdings Corp XRX.N
and said it was open to exploring a bid for the latter. Xerox
dipped 0.4%. Coty Inc COTY.N gained 1.3% after saying it would pay $600
million for a majority stake in Kylie Jenner's make-up and
skincare businesses, as it looks to tap into the reality TV
star's huge social media reach. Declining issues outnumbered advancers for a 1.21-to-1 ratio
on the NYSE and for a 1.40-to-1 ratio on the Nasdaq.
The S&P index recorded 35 new 52-week highs and no new lows,
while the Nasdaq recorded 79 new highs and 103 new lows.