US STOCKS-Wall St rallies; S&P 500 close to break-even for week

Fri Mar 28, 2014 1:15pm EDT
 
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* Markets in broad rally on hopes for China stimulus

* Momentum stocks still in focus; Netflix edges lower

* Dow up 0.6 pct; S&P 500 up 0.7 pct; Nasdaq up 0.7 pct (Updates to midday)

By Angela Moon

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

With the day's advance, the Dow turned positive for the week. The S&P 500 sharply cut its weekly losses and came within 5.12 points of being flat for the week.

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.

"We are seeing a good rebound today, but there are still a lot of factors that indicate we could be going into a more sizable correction," said Randy Frederick, managing director of trading and derivatives at the Schwab Center for Financial Research in Austin, Texas.

"Almost everyday this week, we've been seeing a pattern of the market opening higher and then selling off towards the close. Some are saying that it's the smart money is selling off at the end of the day. If we see that pattern again today, that would be concerning."   Continued...