US STOCKS-Wall St rallies, S&P 500 cuts losses for the week

Fri Mar 28, 2014 10:42am EDT
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* Markets in broad rally on hopes for China stimulus

* Momentum stocks still in focus, Netflix edges lower

* Red Hat down after outlook, BlackBerry up on results

* Indexes up: Dow 0.8 pct, S&P 0.8 pct, Nasdaq 1 pct (Updates to open, adds sentiment data)

By Ryan Vlastelica

NEW YORK, March 28 (Reuters) - U.S. stocks climbed on Friday, with all 10 major S&P 500 sectors gaining in a broad rally after comments from a Chinese official indicated that the country's government was ready to take steps to support its slowing economy.

With the day's gain, the Dow turned positive for the week and the S&P sharply cut its weekly losses and returned to solidly positive territory for 2014. The Nasdaq, however, remained on track for a negative week following an extended period of investors taking profits in some of the market's biggest outperformers.

China's Premier Li Keqiang said the government had the necessary accommodative policies in place and would push ahead with infrastructure investment. "We cannot neglect the increasing downward pressure and difficulties," he said in a speech on Wednesday, reported by the Xinhua news agency early on Friday.

The prospect of slowing growth in China, the world's second-largest economy, has long been a market headwind. Recent data has pointed to the weakest growth there since the global financial crisis, raising hopes that Beijing would step in with support for the economy.   Continued...