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* Global stocks hit all-time high
* Salesforce set for biggest one-day percentage jump
* Intuit, Hewlett Packard Enterprise gain after results
* Dow dips 0.24%, S&P up 0.38%, Nasdaq jumps 0.98%
Aug 26 (Reuters) - The S&P 500 and the Nasdaq hit record
highs on Wednesday as investors bought into technology stocks
that have thrived during the COVID-19 pandemic following the
upbeat quarterly results from Salesforce and HP Enterprise.
Salesforce.com Inc, which is set to enter the
blue-chip Dow index next week, surged 27.3% as it raised
annual revenue forecast due to high demand for its online
Hewlett Packard Enterprise Co added 6.2% as its
full-year profit outlook came ahead of market expectations and
income-tax filing software firm Intuit Inc advanced
1.1% after it reported a jump in quarterly revenue.
The tech sector climbed 1.5%, but seven of the 11
major S&P sectors eased. The MSCI world equity index
hit an all-time high.
"Markets are pricing in uncertainty in regards to some of
the coronavirus-related economic impact, due to which the
stay-at-home and technology stocks have seen a renewed source of
relative strength," said Matt Stucky, portfolio manager,
equities, at Northwestern Mutual Wealth Management Co in
Adding to the upbeat mood was early data from Moderna's
experimental COVID-19 vaccine which showed it induced
immune responses in older adults that were similar to younger
The S&P 500 and the Nasdaq have hit a series of record
closing highs recently, driven by stimulus and demand for
tech-focused stocks, even though economic data pointed to an
uneven recovery from a recession.
All eyes will be on Fed Chair Jerome Powell's address at the
virtual Jackson Hole symposium before markets open on Thursday,
where he is expected to outline a softer policy stance on
"Allowing higher levels of inflation that they'd be
comfortable with in the economy is a sign that loose financial
and monetary policy is going to be the norm for quite some
time," Stucky said.
At 11:10 a.m. ET, the Dow Jones Industrial Average
was down 66.91 points, or 0.24%, at 28,181.53, the S&P 500
was up 13.24 points, or 0.38%, at 3,456.86. The Nasdaq
Composite was up 112.91 points, or 0.98%, at 11,579.39.
Nordstrom Inc tumbled 5.4% after reporting a
bigger-than-expected loss as its stores were shut for about half
of the reported quarter and consumers stayed at home with little
need for designer clothes.
Declining issues outnumbered advancers for a 1.53-to-1 ratio
on the NYSE and for a 1.35-to-1 ratio on the Nasdaq.
The S&P index recorded 25 new 52-week highs and no new low,
while the Nasdaq recorded 67 new highs and three new lows.
(Reporting by Medha Singh in Bengaluru; Editing by Saumyadeb
Chakrabarty and Arun Koyyur)