* 2nd-qtr earnings kick off this week
* Dollar touches 2-month high
* Yellen to testify later in the week
* Indexes up: Dow 0.11 pct, S&P 0.20 pct, Nasdaq 0.39 pct
By Sweta Singh and Anya George Tharakan
July 10 (Reuters) – U.S. stocks were up on Monday as gains
in technology stocks helped outweigh losses in healthcare.
Six of the 11 major S&P sectors were higher, with technology
index’s 0.69 percent gain boosting the broader index.
Facebook, Microsoft, Apple and Nvidia
propped up the S&P 500 index.
The healthcare index was down 0.08 percent, weighed
down by Johnson & Johnson and Medtronic.
President Donald Trump’s effort to roll back Obamacare faced
growing obstacles on Monday as Republicans remained divided over
how to curb the costs of their proposed healthcare bill and
prevent millions from losing coverage.
“We’re going to have to wait and see what the plan B is.
With that I think healthcare obviously comes under pressure as
it falls into the void of the unknown,” said Art Hogan, chief
market strategist at Wunderlich Securities in New York.
Investors were wary of making big bets ahead of the start of
the earnings season, with big U.S. banks including JPMorgan
Chase, Wells Fargo and Citigroup reporting
In a significant victory for the banking industry, the Fed
late last month approved plans from the 34 largest U.S. banks to
use extra capital for stock buybacks, dividends and other
“I think that’s very reflective of the fact that you’ve got
a market that’s looking ahead to catalysts and probably not
going to react much in front of them,” Hogan said.
“When the market takes a wait-and-see attitude, the markets
tend to react like this.”
The three major indexes are trading close to record levels,
boosted by strong economic data and robust corporate performance
in the first quarter.
Markets closed on a high on Friday after a
better-than-expected payrolls report gave investors more
confidence in the strength of the U.S. economy.
The dollar climbed to a two-month high against the Japanese
yen on Monday as a robust jobs data propped up U.S. Treasury
Federal Reserve Chair Janet Yellen’s semi-annual testimony
is the key highlight of this week for investors looking for cues
on further rate hikes. She will testify on Wednesday and
At 12:31 p.m. ET (16:31 GMT)the Dow Jones Industrial Average
was up 23.12 points, or 0.11 percent, at 21,437.46, the
S&P 500 was up 4.91 points, or 0.20 percent, at 2,430.09
and the Nasdaq Composite was up 23.83 points, or 0.39
percent, at 6,176.91.
Amazon.com Inc shares rose as much as 2 percent to
$998.46 ahead of its popular Prime Day shopping festival.
United Health was down 0.33 percent at $187.34 after
the President Trump’s plan to replace Obamacare continued to
Abercrombie & Fitch shares were down 21.3 percent at
$9.56 after the teen apparel retailer terminated discussion on a
potential deal following a review.
ClubCorp shares were up 30 percent at $17.08 after
the owner of private golf and country clubs got a takeover offer
from private equity firm Apollo Global Management LLC.
Advancing issues outnumbered decliners on the New York Stock
Exchange by 1,611 to 1,213. On the Nasdaq, 1,521 issues fell and
(Reporting by Sweta Singh; Additional reporting by Anya
Tharakan in Bengaluru; Editing by Arun Koyyur)