US STOCKS-Wall St rises, shaking off Trump's stimulus shock

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* Airlines rise after Trump's call for support
* All eyes on Fed minutes, vice-presidential debate
* Levi Strauss jumps on surprise quarterly profit
* Indexes up: Dow 1.21%, S&P 1.11%, Nasdaq 1.17%

(Updates to open)
By Devik Jain and Sagarika Jaisinghani
Oct 7 (Reuters) - Wall Street's main indexes jumped on
Wednesday, recouping losses from the previous session triggered
by President Donald Trump's abrupt call to end stimulus talks,
while Levi Strauss hit a four-month high after posting a
surprise quarterly profit.
All the major S&P indexes were up, led by broad-based gains
in materials .SPLRCM , financials .SPSY , industrials
.SPLRCI and consumer discretionary stocks .SPLRCD .
A day after Trump said he was breaking off negotiations with
Democrats on more economic aid, White House chief of staff Mark
Meadows said he was not optimistic that a comprehensive deal
could be reached, but added the Trump administration did back a
more piecemeal approach. "The collapse of pre-election U.S. stimulus talks threatens
to inflict another wave of economic pain on Americans and
curtail a recovery that's already slowed," said Art Hogan, chief
market strategist at National Securities in New York.
"It could leave the Federal Reserve under pressure to
provide more support."
Minutes of the Federal Reserve's September policy meeting
are due later in the day, with investors looking for details on
the central bank's new approach to inflation. On Wednesday, Vice President Mike Pence and Democratic
challenger Kamala Harris are also set to square off in their
only debate, which comes less than a week after Trump contracted
COVID-19 amid a White House outbreak that has infected numerous
high-profile Republicans. Reuters/Ipsos opinion polls released on Tuesday showed
Democratic presidential candidate Joe Biden expanded his lead
over Trump in battleground Michigan and the two candidates were
locked in a toss-up race in North Carolina. At 10:02 a.m. ET, the Dow Jones Industrial Average .DJI
was up 1.21%, the S&P 500 .SPX was up 1.11% and the Nasdaq
Composite .IXIC was up 1.17%.
The Dow Jones airlines index .DJUSAR jumped 3.1% after
Trump urged Congress on Tuesday to pass a series of smaller,
stand-alone bills that would include a bailout package for the
battered airline industry. Levi Strauss & Co LEVI.N surged 9.9% as it said it planned
to open new stores, in contrast to analysts' projections for it
take a hit from coronavirus-driven store closures.
The company reported a profit for the third quarter, defying
expectations of a loss. Shares of apparel retailer Gap Inc GPS.N rose 4.4%.
Analysts expect earnings at S&P 500 firms to have dropped
about 21% in the third quarter, according to IBES data from
Refinitiv.
Still, the pace of declines is expected to have slowed
following a 30.6% slump in the second quarter, when Corporate
America took a hit from nationwide lockdowns.
Eli Lilly and Co LLY.N rose 2.4% after saying it had
submitted a request to the U.S. Food and Drug Administration for
emergency use of its experimental COVID-19 antibody treatment.
Boeing Co BA.N gained 2.1% after the Federal Aviation
Administration issued a draft report on revised training
procedures for the planemaker's 737 MAX, a key milestone to the
plane's eventual ungrounding. Advancing issues outnumbered decliners almost 4-to-1 on the
NYSE and the Nasdaq.
The S&P index recorded 17 new 52-week highs and no new low,
while the Nasdaq recorded 55 new highs and three new lows.