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US STOCKS-S&P advances on strong industrial output data

Fri, 16th Mar 2018 19:33

* Micron, Western Digital gain after Baird's bullish note

* Adobe rises after strong results

* S&P energy index up 0.9 pct as oil prices jump

* Dow up 0.4 pct, S&P up 0.2 pct, Nasdaq flat(Updates to late afternoon)

By April Joyner

March 16 (Reuters) - The S&P and Dow Industrials rose onFriday as strong U.S. industrial output numbers boosted stocksacross sectors, though equities were on track for overall lossesthis week.

February industrial production jumped 1.1 percent, thelargest increase in four months.

Energy led the major sectors of the S&P 500 with a0.9 percent gain, as oil prices rose by more than a dollar.

"Today, there are not a lot of headlines out of Washington,so the focus is more on the economy," said Keith Lerner, chiefmarket strategist at SunTrust Advisory Services in Atlanta.

Stocks were trading within a narrow range, Lerner said, asinvestors unwound positions in futures and options contractsexpiring on Friday, in a phenomenon known as"quadruple-witching."

The Nasdaq was barely changed during the session.

Friday's gains come at the end of a rocky week, dominated byconcerns of a U.S. trade war with China and political turmoil,which began with the ouster of Secretary of State Rex Tillerson.

The Dow Jones Industrial Average rose 101.62 points,or 0.41 percent, to 24,975.28, the S&P 500 gained 5.83points, or 0.21 percent, to 2,753.16 and the Nasdaq Compositedropped 0.31 points, or 0 percent, to 7,481.44.

Walmart Inc gained 2.9 percent and Home Depot Incadded 0.9 percent after the University of Michigan'spreliminary reading of its consumer sentiment index rose morethan expected to 102.0.

Adobe Systems Inc was up 3.1 percent, hitting anall-time high during the session, after the Photoshop makertopped analysts' profit and revenue estimates for the seventhstraight quarter.

Micron Technology Inc rose 2.8 percent after Bairdanalysts raised its price target on the stock by $40 to $100.Western Digital Corp gained 4.3 percent, hitting athree-year high during the session, after Baird upgraded thestock's rating to "outperform."

Advancing issues outnumbered declining ones on the NYSE by a2.01-to-1 ratio; on Nasdaq, a 1.48-to-1 ratio favored advancers.

The S&P 500 posted 24 new 52-week highs and three new lows;the Nasdaq Composite recorded 161 new highs and 43 new lows.(Additional reporting by Sruthi Shankar in Bengaluru; Editingby Arun Koyyur)

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