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Wall Street up in unstable trade, stimulus measures take center stage

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By Ambar Warrick and Sanjana Shivdas

March 2 (Reuters)US stock indexes were slightly higher in the restless trade on Monday, as investors assessed the effectiveness of further monetary stimulus amid the growing economic impact of the coronavirus epidemic.

Wall Street had jumped 1% at the opening as traders were counting on a drop in interest rates after the data showed the largest contraction in activity by Chinese factories in February.

But the S&P 500 benchmark index reduced its earnings after private and official surveys showed that domestic manufacturing activity had barely increased last month.

Wall Street had marked its largest weekly decline Friday since the financial crisis of 2008, sinking into correctional territory amid endemic fears of a recession resulting from the epidemic.

Investors now expect Fed to drop 50 basis points 0 # FF: at its meeting on March 17 and 18. USD /

"The markets are trying to find out where we are in the coronavirus correction," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.

"If we can hold it flat (until today), it's a huge victory."

At 10:16 a.m.ET, the Dow Jones Industrial Average .DJI up 173.32 points, or 0.68%, to 25,582.68, and the S&P 500 .SPx was up 11.03 points, or 0.37%, to 2,965.25. The Nasdaq composite .IXIC up 28.42 points, or 0.33%, to 8,595.79.

The stocks of the big banks fell, the increase in bets on a drop in rates having led to a fall in bond yields. JPMorgan Chase & Co JPM.N and Wells Fargo & Co WFC.N between 0.3% and 0.6%.

Apple Inc AAPL.O rose 3.2%, recovering from a low of more than two months after Oppenheimer & Co upgraded the title to "outperform" it.

Forty Seven Inc Cancer Drug Developer FTSV.O jumped 61.6% after larger counterpart, Gilead Sciences GILD.O made an offer of $ 4.9 billion for the company. Gilead increased 1.1%.

China & # 39; s JD.com Inc JD.O rose 7.7% after forecasting a 10% or more increase in revenues for the first quarter, after posting better than expected quarterly results.

Rising issues outnumbered declines by 1.06: 1 on the NYSE, while declining issues outnumbered advancers by 1.15: 1 on the Nasdaq .

The S&P Index recorded no new 52-week highs and 17 new lows, while the Nasdaq recorded 11 new highs and 80 new lows.

(Report by Ambar Warrick and Sanjana Shivdas in Bengaluru; Edited by Arun Koyyur)

((Ambar.Warrick@thomsonreuters.com; + 91-80-6182-2837; Reuters Messaging: ambar.warrick.thomsonreuters.com@reuters.net; Twitter: @AmbarWarrick))

The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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