* Feb durable orders dip, but shipments surge
* Micron jumps after rev, profit forecasts beat estimates
* Indexes up: Dow 0.19 pct, S&P 0.31 pct, Nasdaq 0.58 pct
(Adds details, changes comment, updates prices)
By Tanya Agrawal
March 24 U.S. stocks traded higher on Friday as
investors awaited the outcome of a vote on a healthcare bill
that is seen as a test of President Donald Trump's ability to
pass his legislative agenda through Congress.
Republican lawmakers struggled to overcome differences over
the bill after Trump walked away from negotiations, telling them
to pass the bill on Friday or keep Obamacare in place.
The back-and-forth over the bill has led to some of the
choppiest trading Wall Street has seen since Trump's election in
Investors had worried that a failure of the legislation
would damage prospects for Trump's pro-growth agenda, including
tax reform and stimulus. Earlier this week, U.S. stocks posted
their biggest daily drop since the election on these concerns.
Some of that concern appeared to be ebbing on Friday ahead
of the scheduled vote in the House, with some analysts and
investors seeing a failure of the bill as a catalyst to bring
forward action on tax reform in particular.
Trump warned lawmakers late Thursday that he was prepared to
do just that: move on.
"I think at this point it's really a 'put-up or shut-up'
moment for the Trump administration and what he's done is pretty
bold," said Brad McMillan, chief investment officer at
Commonwealth Financial Network.
"This is a kind of decision that the market wants to see
Trump make and they're giving him the benefit of the doubt on
it. One way or the other it clears the deck for tax reform.
Trump may very well loose the battle but win the war."
The S&P has risen about 10 percent since Trump's election as
U.S. president on Nov. 8.
At 10:50 a.m. ET the Dow Jones Industrial Average was
up 39.67 points, or 0.19 percent, at 20,696.25, the S&P 500
was up 7.28 points, or 0.31 percent, at 2,353.24.
The Nasdaq Composite was up 33.52 points, or 0.58
percent, at 5,851.22.
Seven of the 11 major S&P sectors were higher, with the
technology index's 0.50 percent rise leading the
Micron Technology jumped 9.9 percent to $29.10, a day
after the chipmaker's current-quarter revenue and profit
forecasts beat expectations. The stock was the biggest boost to
the S&P and the Nasdaq.
Data on Friday showed new orders for key U.S.-made capital
goods unexpectedly fell in February, but shipments surged.
The Commerce Department said non-defense capital goods
orders excluding aircraft, a closely watched proxy for business
spending plans, dipped 0.1 percent last month after rising 0.1
percent in January.
GameStop fell 11.7 percent to $21.10 after the
company's full-year profit forecast fell far below estimates.
Advancing issues outnumbered decliners on the NYSE by 2,028
to 724. On the Nasdaq, 1,901 issues rose and 659 fell.
The S&P 500 index showed 13 new 52-week highs and one new
low, while the Nasdaq recorded 42 new highs and 22 new lows.
(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil