* Fed on track to raise rates twice more this year - Evans
* Nasdaq hits yet another intraday high
* Walt Disney higher as 'Beauty and the Beast' tops box
* Indexes up: Dow 0.18 pct, S&P 0.03 pct, Nasdaq 0.20 pct
(Adds details, changes comment, updates prices)
By Tanya Agrawal
March 20 U.S. stocks reversed course to trade
slightly higher in late morning trading on Monday, helped by a
rise in technology stocks including Apple.
Apple rose nearly 1 percent, hitting a new
record-high of $141.34, lifting the tech-heavy Nasdaq Composite
index to yet another intraday high.
The iPhone-maker's stock could rise another 10 percent in
six months, Barron's wrote in an article posted Saturday.
The U.S. stock market has been on record-setting spree since
the election of Donald Trump as president, but the rally has
faltered in recent weeks as investors fret over the lack of
clarity on his proposals to reform taxes and cut regulation.
Analysts have also said the Trump administration is spending
too much of its political capital to pass a Republican-proposed
healthcare bill, which may leave it wanting for support when it
tries to reform the tax code.
"With tax reform and infrastructure spending getting pushed
to the end of this year or even next year, it will eventually
weigh on sentiment and business confidence," said Randy
Frederick, vice president of trading and derivatives for Charles
Schwab in Austin, Texas.
"Eventually, the market will lose patience," Frederick said.
At 10:53 a.m. ET (1453 GMT), the Dow Jones Industrial
Average was up 36.91 points, or 0.18 percent, at
The S&P 500 was up 0.93 points, or 0.03 percent, at
The Nasdaq Composite was up 12.01 points, or 0.2
percent, at 5,913.01.
Seven of the 11 major S&P sectors were lower, with the
energy index's 0.68 percent fall leading the decliners.
Oil fell as investors continued to unwind bets on higher
The U.S. Federal Reserve's conservative rate guidance is
also keeping the market in check. All eyes will be on Federal
Reserve Bank of Chicago President Charles Evans when he speaks
later in the day.
In an interview with Fox Business Network TV earlier on
Monday, Evans said the Fed is on track to raise interest rates
twice more this year.
A host of Fed officials are scheduled to speak this week,
including Chair Janet Yellen on Thursday.
Last week, the central bank raised interest rates for the
first time this year but stuck to its outlook for two more hikes
this year, instead of three expected by the market.
Among stocks, Movado fell 5.70 percent to $22.25
after the watchmaker's quarterly results missed expectations.
Walt Disney rose 1.1 percent to $112.96 after the
media and entertainment company's "Beauty and the Beast" topped
box-office sales. The stock was the second-biggest boost on the
Declining issues outnumbered advancers on the NYSE by 1,507
to 1,242. On the Nasdaq, 1,460 issues fell and 1,229 advanced.
The S&P 500 index showed 21 new 52-week highs and two new
lows, while the Nasdaq recorded 77 new highs and 20 new lows.
(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil
D'Silva and Saumyadeb Chakrabarty)