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Mining stocks rise on China's stimulus package

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Visa slips after report DOJ will file antitrust lawsuit

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

plan

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Indexes up: Dow 0.01%, S&P 500 0.15% Nasdaq 0.48%

(Recasts with midafternoon trading, adds analyst comments and

market details)

By Echo Wang

Sept 24 (Reuters) - The Dow and S&P 500 reached new

highs on Tuesday, overcoming weak consumer confidence data, with

mining stocks driving gains after China unveiled 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."

At 2:39 p.m. EDT the Dow Jones Industrial Average

rose 2.96 points, or 0.01%, to 42,127.61, the S&P 500

gained 8.78 points, or 0.15%, to 5,727.91 and the Nasdaq

Composite gained 86.09 points, or 0.48%, to 18,060.36.

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

stocks outperforming peers with a 1.32% 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 7.9%, Southern Copper ( SCCO ) added 7.66%, Albemarle

advanced 2.58% and Arcadium Lithium ( ARLTF ) climbed

4.2%.

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

rose 7.19%, PDD Holdings ( PDD ) added 9.85% and Li Auto

advanced 10.46%, tracking gains in the domestic market.

Megacap stocks were mixed, with Nvidia ( NVDA ) gaining

4.51%, while Microsoft ( MSFT ) lost over 1%. The broader

technology sector rose 0.69%.

The Philadelphia SE Semiconductor Index was up 1.35%

as chip stocks Qualcomm ( QCOM ) and Intel ( INTC ) rose 0.61%

and 1.31%, 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 4.66% after the U.S.

Department of Justice sued the company for alleged antitrust

violations. This weighed on the financial sector which

slipped more than 1%.

Advancing issues outnumbered decliners by a 1.72-to-1 ratio

on the NYSE. There were 491 new highs and 38 new lows on the

NYSE.

The S&P 500 posted 58 new 52-week highs and no new lows

while the Nasdaq Composite recorded 95 new highs and 91 new

lows.