US STOCKS-Wall St scales new highs as China moves to limit coronavirus impact

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* China to halve extra tariffs on some U.S. imports
* Twitter advances as quarterly revenue tops $1 bln
* Kellogg declines after earnings outlook disappoints
* Indexes up: Dow 0.37%, S&P 0.38%, Nasdaq 0.68%

(Updates to early afternoon)
By Medha Singh
Feb 6 (Reuters) - U.S. stocks advanced for the fourth
straight session on Thursday with the S&P 500 and Dow
Industrials hitting record highs on China's efforts to contain
the economic fallout of the coronavirus outbreak.
China said it would halve extra tariffs on some U.S. goods,
days after its hefty monetary stimulus, as it looks to prop up
an economy hit by shutdowns and travel restrictions due to the
outbreak. "Certainly the Chinese government has taken the right steps
that will help them get through this period of tumult," said
Thomas Hayes, managing member at Great Hill Capital Llc in New
York.
"As the virus starts to get contained, you'll see China get
back on track much faster than has historically been the case in
previous instances of outbreaks."
A string of positive U.S. economic data has also helped
mitigate investor concerns, putting the S&P 500 .SPX and Dow
.DJI on course for its best week in eight months. The Nasdaq
was set for its biggest weekly gain in 14 months.
Latest data showed the number of Americans filing for
unemployment benefits dropped to a nine-month low in the prior
week. It comes ahead of the crucial U.S. jobs report on Friday.
However, the impact of the health emergency in China
continued to show up in corporate reports. Chipmaker Qualcomm
Inc QCOM.O flagged a potential threat to the mobile phone
industry from the outbreak. Its shares fell 1.1%.
At 1 p.m. ET, the Dow Jones Industrial Average .DJI gained
0.37% to 29,399.38. The S&P 500 .SPX rose 0.38% to 3,347.30
and the Nasdaq Composite .IXIC was up 0.68% at 9,573.37.
Nine of the 11 major indexes were higher, led by a 1.2% gain
for communication services .SPLRCS stocks.
More than 70% of 305 S&P 500 companies that have reported so
far have exceeded quarterly earnings estimates, according to
IBES data form Refinitiv.
An 9.6% slide in Becton, Dickinson and Co BDX.N weighed
the most on the S&P 500 after the medical technology company
lowered its full-year revenue and profit forecasts.
Philip Morris International Inc PM.N gained 3.9% after the
Marlboro cigarettes maker topped quarterly profit estimates.
Twitter Inc TWTR.N gained about 18.3% after the
micro-blogging platform touched $1 billion in quarterly revenue
for the first time ever.
Advancing issues outnumbered decliners by a 1.17-to-1 ratio
on the NYSE and by a 1.03-to-1 ratio on the Nasdaq.
The S&P index recorded 59 new 52-week highs and no new lows,
while the Nasdaq recorded 109 new highs and 33 new lows.