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Airbnb ( ABNB ), Pinterest ( PINS ) fall after results

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Indexes set for weekly gains

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China ADRs slip after stimulus measures

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Indexes: Dow up 0.63%, S&P 500 up 0.42%, Nasdaq flat

(Updated at 2:25 p.m. ET/ 1925 GMT)

By Chuck Mikolajczak

NEW YORK, Nov 8 (Reuters) - The S&P 500 breached the

6,000 mark and was poised for its biggest weekly percentage gain

in a year, as Donald Trump's election victory and a possible

Republican Party sweep in Congress fueled expectations for

favorable business policies.

Also supporting stocks this week was a widely expected

interest rate cut

of 25 basis points by the Federal Reserve on Thursday.

The S&P 500 and the Dow Industrials were on track for

their best weekly percentage jump since early November 2023,

with the Nasdaq on pace for its best in two months and

second-best week of 2024.

Investors were also monitoring a likely "Red Sweep" as

Republicans were set to keep their narrow lead in the House of

Representatives after winning control of the Senate. That would

make it easier for Trump to enact his legislative plans.

Expectations for lower corporate taxes and deregulation

under Trump have helped push the benchmark S&P index and the Dow

to intraday record highs for the three straight sessions. The

S&P is on track to secure its 50th record close of the year.

"It is a psychologically important number but with all the

developments this week, it's just that. It's just the number,"

said Mike Dickson, head of research and quantitative strategies

at Horizon Investments in Charlotte, North Carolina.

"There's been so many things, so much good news for the

market this week as evidenced by the prices, all of that far

outweighs whether or not we're on the right or left hand side of

that 6,000 number when the close happens."

The Dow Jones Industrial Average rose 351.19

points, or 0.80%, to 44,080.53. The S&P 500 gained 34.43

points, or 0.58%, at 6,007.53 and the Nasdaq Composite

advanced 35.69 points, or 0.18%, to 19,305.15.

The S&P 500 and Nasdaq were set for their fourth straight

session of gains.

Rate-sensitive sectors such as real estate and

utilities were the best performing of the 11 major S&P

500 groups as Treasury yields fell for a second straight session

after a sharp jump following the election.

But the benchmark 10-year U.S. Treasury note yield

remained near a four-month high, and markets have

scaled back expectations for the pace of Fed rate cuts in 2025

as concerns remain over the incoming administration's proposed

tariffs which are likely to rekindle inflation.

U.S. consumer sentiment rose to a seven-month high in early

November, with a measure of households' expectations for the

future climbing to the highest in more than three years, led by

brightening outlooks among Republicans, the University of

Michigan's Consumer Sentiment Index showed.

Airbnb ( ABNB ) shares dropped more than 8% after the

homestay company missed third-quarter profit estimates, while

social media company Pinterest ( PINS ) slumped 16% after a

disappointing revenue forecast.

U.S.-listings of Chinese companies lost ground as the

government's latest fiscal support measures once again failed to

impress investors. JD.com ( JD ) and Alibaba ( BABA ) both

slumped by at least 6%.

Advancing issues outnumbered decliners by a 1.63-to-1 ratio

on the NYSE and by a 1.1-to-1 ratio on the Nasdaq.

The S&P 500 posted 84 new 52-week highs and 10 new lows

while the Nasdaq Composite recorded 188 new highs and 100 new

lows.