(Corrects typo in headline)
* Banks gain, to kick off earnings season on Friday
* Health stock up for 6th session, Illumina leads
* Donald Trump to hold press conference on Wednesday
* Indexes up: Dow 0.13 pct, S&P 0.17 pct, Nasdaq 0.26 pct
By Yashaswini Swamynathan
Jan 10 The Nasdaq hit a record intraday high on
Tuesday, extending its bullish run as healthcare stocks rose for
the sixth straight session, while banks helped the S&P 500 and
the Dow reverse small losses.
Investors are looking to the upcoming corporate earnings
season to justify the record levels Wall Street has surged to in
a rally sparked by Donald Trump's U.S. presidential election win
on Nov. 8.
But, the rally has stalled of late given the lofty
valuations and as investors now wait to see if Trump can deliver
on his promises of fiscal stimulus. He is due to hold a news
conference on Wednesday, his first since his election.
"We've shifted from that exuberance post the election and
the rotation into some of the sectors and now we are entering a
wait-and-see mode with earnings knocking at the front door,"
said Art Hogan, chief market strategist at Wunderlich Equity
Capital Markets in News York.
"Earnings may be the pivot to move things higher."
S&P 500 companies look unlikely to disappoint.
They are set to post their strongest quarterly growth in
three years, with earnings estimated to have risen 5.8 percent
in the fourth quarter, according to Thomson Reuters I/B/E/S.
At 11:03 a.m. ET (1603 GMT), the Dow was up 26.76
points, or 0.13 percent, at 19,914.14, resuming its march to the
The S&P 500 was up 3.87 points, or 0.17 percent, at
2,272.77. The Nasdaq Composite was up 14.34 points, or
0.26 percent, at 5,546.16, easing from a life high of 5,553.69.
Seven of the 11 major S&P sectors were higher, led by gains
of 0.69 percent in industrials. But the financials'
0.66 percent jump gave the biggest boost.
Big U.S. banks will kick off the earnings season, with
JPMorgan, Bank of America and Wells Fargo
scheduled to report on Friday. Bank of America and Wells
Fargo were up about 1 percent.
However, Goldman Sachs was down 0.6 percent after
Citigroup rating cut due to lofty valuations.
Healthcare stocks, up 0.44 percent, and biotechs
, up 0.5 percent, were up for the sixth straight session.
Illumina surged 16 percent to $163.64 after the
diagnostics company gave a strong quarterly forecast and
launched a new product.
Valeant rose 7.7 percent following a deal to sell
certain businesses and brands for about $2.12 billion, a move
that it would help it lower its more than $30 billion debt.
Advancing issues outnumbered decliners on the NYSE by 1,808
to 956. On the Nasdaq, 1,690 issues rose and 938 fell.
The S&P 500 index showed three new 52-week highs and no new
lows, while the Nasdaq recorded 37 new highs and 15 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by