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Mining stocks rise on China's stimulus package

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Visa falls as DOJ files lawsuit for alleged antitrust

violations

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U.S.-listed Chinese firms jump after domestic stimulus

plan

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Indexes up: Dow 0.20%; S&P 500 0.25%; Nasdaq 0.56%

(Recasts with new highs, adds market details after close)

By Echo Wang

Sept 24 (Reuters) - The S&P 500 and Dow ended at record

highs on Tuesday, shrugging off weak consumer confidence data,

as mining stocks surged following China's announcement of a

sweeping stimulus package.

The indexes initially trimmed gains after a report from the

Conference Board revealed an unexpected decline in U.S. consumer

confidence in September, driven by growing concerns about the

labor market's health.

"Today's price action is predominantly about what happened

overnight with the policy announcements from China, direct

support for their equity market and pledges to cut interest

rates in the future, has caused a really sharp move in

international stocks in general," said Zachary Hill, head of

portfolio management at Horizon Investments in Charlotte, North

Carolina.

"That's feeding through into parts of the U.S. market, where

you see some more China-sensitive, more cyclical industries like

metals and mining materials sector outperforming."

The Dow Jones Industrial Average rose 83.57 points,

or 0.20%, to 42,208.22, the S&P 500 gained 14.36 points,

or 0.25%, to 5,732.93 and the Nasdaq Composite gained

100.25 points, or 0.56%, to 18,074.52.

Five of the 11 S&P 500 sectors traded higher, with material

stocks outperforming peers with a 1.35% rise.

Metal prices got a boost after the world's second-largest

economy, China, unveiled its biggest stimulus since the pandemic

to pull the economy out of its deflationary funk.

Copper and lithium miners rose. Freeport-McMoRan ( FCX )

rose 7.93%, Southern Copper ( SCCO ) added 7.22%, Albemarle

advanced 1.97% and Arcadium Lithium ( ARLTF ) climbed

3.2%.

U.S.-listed shares of Chinese firms such as Alibaba

rose 7.88%, PDD Holdings ( PDD ) added 11.79% and Li Auto

advanced 11.37%, tracking gains in the domestic market.

Megacap stocks were mixed, with Nvidia ( NVDA ) gaining

3.9%, while Microsoft ( MSFT ) lost 1.15%. The broader

technology sector rose 0.79%.

The Philadelphia SE Semiconductor Index was up 1.23%

as chip stocks Qualcomm ( QCOM ) and Intel ( INTC ) rose 0.54%

and 1.11%, respectively.

Meanwhile, Federal Reserve Governor Michelle Bowman

cautioned that key inflation measures remained "uncomfortably

above" the Fed's 2% target, warranting caution as the Fed

proceeds with cutting interest rates.

Weekly jobless claims and personal consumption expenditure

data remain in focus this week.

Among stocks, Visa lost 5.49% after the U.S.

Department of Justice sued the company for alleged antitrust

violations. This weighed on the financial sector which

slipped 0.92%.

Advancing issues outnumbered decliners by a 1.93-to-1 ratio

on the NYSE. There were 636 new highs and 43 new lows on the

NYSE.

The S&P 500 posted 62 new 52-week highs and no new lows

while the Nasdaq Composite recorded 103 new highs and 101 new

lows.

Volume on U.S. exchanges was 11.42 billion shares, compared

with 11.60 billion average for the full session over the last 20

trading days.