US STOCKS-Wall St mixed as vaccine hopes collide with poor jobs data

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* Pfizer, BioNTech rise on getting UK approval for vaccine
* Salesforce drops on $28 bln deal to buy Slack Technologies
* NetApp gains on upbeat profit forecast
* Indexes: Dow +0.11%, S&P 500 +0.14%, Nasdaq -0.14%

(Updates with afternoon trade)
By Noel Randewich
Dec 2 (Reuters) - Wall Street stocks were mixed on
Wednesday, with the Nasdaq .IXIC dipping and S&P 500 .SPX
index climbing as investors weighed upbeat vaccine developments
and a potential coronavirus fiscal package with a bleak private
jobs report.
Republicans and Democrats in Congress remained unable to
reach agreement on fresh relief for a pandemic-hit U.S. economy,
although some investors said bad economic news could spur policy
makers to push harder for a deal. U.S. House Majority Leader Steny Hoyer also expressed hope
that a deal could be reached "in the next few days."
Signs of progress in the race to distribute a vaccine have
driven U.S. stocks higher in recent days. In the latest upbeat
development, Pfizer Inc PFE.N and BioNTech's BNTX.O COVID-19
vaccine got the green light for use in Britain, the first
Western country to approve a shot for COVID-19. Pfizer rose 3%
and BioNTech jumped 5%. Underscoring the argument for fiscal stimulus, data showed
private payrolls increased less than expected in November,
likely as soaring new infections and business restrictions
hampered the labor market's recovery. As well, the Federal Reserve's Beige Book report showed
"little or no growth" in four of the central bank's 12 U.S.
districts and only modest growth elsewhere in recent weeks.
Any potential sign of a worsening labor market in Friday's
broader jobs report could put more pressure on Congress to agree
on a stimulus package, said Ross Mayfield, an investment
strategy analyst at Baird.
"They are watching this stuff as much as investors are,"
Mayfield said. "It could be one of those reports where bad news
is good news if it spurs the right stakeholders to come to the
table."
Positive updates on coronavirus vaccine have helped
investors raise bets on a swift economic rebound next year,
powering the S&P 500 and Nasdaq to record highs on Tuesday.
A rotation into value stocks continued, with the S&P 500
financial index .SPSY and energy index .SPNY stocks gaining,
while consumer staples .SPLRCS dropped over 1%.
The Dow Jones Industrial Average .DJI was up 0.11% at
29,855.65 points, while the S&P 500 .SPX gained 0.14% at
3,667.48.
The Nasdaq Composite .IXIC dropped 0.14% to 12,337.73.
Getting a generous stimulus package through Congress is a
top priority, President-elect Joe Biden said in an interview
with the New York Times. He also said he would not immediately
cancel the Phase 1 trade deal that Trump struck with China.
The biggest drag on the blue-chip Dow was a near 9% drop in
Salesforce.com Inc CRM.N after it agreed to buy workplace
messaging app Slack Technologies Inc WORK.N in a $28 billion
deal as it bets on an extended run for remote working. Slack
fell about 2%. Cloud data service provider NetApp Inc's shares NTAP.O
jumped over 10% after it forecast third-quarter profit above
expectations. Advancing issues outnumbered decliners on the NYSE by a
1.41-to-1 ratio; on Nasdaq, a 1.06-to-1 ratio favored advancers.
The S&P 500 posted 14 new 52-week highs and no new lows; the
Nasdaq Composite recorded 68 new highs and 11 new lows.