(For a live blog on the U.S. stock market, click
LIVE/or type LIVE/ in a news window) * U.S. to delay tariff increase on Chinese imports * ECB cuts deposit rate to record low * All eyes now on Fed meeting next week * Technology biggest boost on S&P 500, energy only drag * Indexes up: Dow 0.48%, S&P 500 0.52%, Nasdaq 0.58% (Updates prices, adds details) By Uday Sampath Kumar Sept 12 (Reuters) - U.S. stocks were on track for a second straight session of gains on Thursday, after a stimulus drive by the European Central Bank added to an upbeat mood from trade concessions by Washington and Beijing ahead of planned negotiations in October. In a tweet that calmed financial markets, President Donald Trump said the United States would delay increasing tariffs on $250 billion worth of Chinese imports, after Beijing exempted some U.S. goods from additional levies. urn:newsml:reuters.com:*:nL3N2621DVTrade-sensitive technology stocks provided the biggest boost among the 11 major S&P 500 .SPXsectors, gaining 0.84%. Now trading above 3,000 points, the benchmark index rose to within 0.4% of a record high hit in July. ECB chief Mario Draghi pledged indefinite asset purchases on Thursday and cut deposit rates to a record low for the first time since 2016. The move took a toll on U.S. treasury yields across the board, which dragged down shares of banks .SPXBKby 0.6%. urn:newsml:reuters.com:*:nL2N2630LS US/Investors expect other central banks to deliver similar stimulus programs to prop up a global economy that has been bruised by the Sino-U.S. trade war. The Federal Reserve is also expected to reduce interest rates at its policy meeting next week. urn:newsml:reuters.com:*:nL5N2630ZTUnderlining the sensitivity of markets to trade news, all the major indexes hit a session high on a report https://www.bloomberg.com/news/articles/2019-09-12/trump-advisers-considering-interim-china-deal-to-delay-tariffs?utm_campaign=socialflow-organic&utm_medium=social&utm_content=business&cmpid=socialflow-twitter-business&utm_source=twitterthat the Trump administration was considering an interim deal with China. However, they quickly pared gains after CNBC said that a senior White House official denied https://www.cnbc.com/2019/09/12/senior-white-house-official-denies-report-us-considering-interim-china-trade-deal.htmlthe report. "It's just what we should come to expect now," Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago said about the sporadic market movement. "Both China and the United States are trying to reach across the aisle ... but all they've done is kick the can further down the road." Separately, data on Thursday showed U.S. underlying consumer prices in August recorded the largest annual gain in a year, while weekly jobless claims dropped to a five-month low. urn:newsml:reuters.com:*:nLNSCKEFAC urn:newsml:reuters.com:*:nLNSCKEFABAt 12:51 p.m. ET the Dow Jones Industrial Average .DJIwas up 130.49 points, or 0.48%, at 27,267.53, the S&P 500 .SPXwas up 15.64 points, or 0.52%, at 3,016.57 and the Nasdaq Composite .IXICwas up 47.52 points, or 0.58%, at 8,217.19. Energy stocks .SPNYfell 0.51% and were the only decliners among the 11 major S&P 500 sectors as oil prices dipped after a meeting of the OPEC+ alliance yielded no decision on deepening supply cuts. O/RIndustrial stocks were pressured by drops in Deere & Co DE.Nand Caterpillar Inc CAT.Nafter Wells Fargo downgraded their shares to "market perform". urn:newsml:reuters.com:*:nL3N2632IJAdvancing issues outnumbered decliners for a 1.30-to-1 ratio on the NYSE and a 1.18-to-1 ratio on the Nasdaq. The S&P index recorded 36 new 52-week highs and 1 new low, while the Nasdaq recorded 70 new highs and 19 new lows. (Reporting by Uday Sampath in Bengaluru; Editing by Saumyadeb Chakrabarty and Shounak Dasgupta) ((UdaySampath.Kumar@thomsonreuters.com; within U.S.+1 646 223 8780; Twitter: @sampath_uday; Reuters Messaging: UdaySampath.Kumar.firstname.lastname@example.org))
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