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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 1:00 p.m. ET/ 1800 GMT)

By Lisa Pauline Mattackal and Ankika Biswas

Nov 8 (Reuters) - The S&P 500 briefly touched the 6,000

mark and was set to log its best week this year as a sweeping

Trump victory powered bets of a business-friendly agenda and an

expected interest-rate cut eased pressure on the U.S. economy.

Both the S&P 500 and the Dow are set for their best

week since last November, while the Nasdaq is on track

for its best in two months and second-best week in 2024.

Expectations of lower corporate taxes and looser regulations

under Republican Donald Trump helped the benchmark index

and the Dow notch intraday record highs for the third straight

session.

The upbeat sentiment got a boost from the Federal Reserve

cutting the benchmark rate by 25 basis points on Thursday, with

Chair Jerome Powell saying that the election outcome would not

have a "near-term" impact on the monetary policy.

The small-cap Russell 2000 rose 0.4% on the day, also

set for its best week in four years.

"Most people prior to the election de-risked, they cut

equity exposure. After the election as the market started to

rally, people came back in ... that's what's driven us toward

6,000," said Jim Caron, CIO, cross-asset solutions at Morgan

Stanley Investment Management.

Traders, however, have already cut expectations for rate

cuts next year and bond yields have jumped to multi-month highs

on worries of complications to the Fed's monetary easing path

from Trump's expansionary policies lifting inflation.

Powell said the central bank would begin estimating the

impact on its twin goals of stable inflation and maximum

employment when the new administration's proposals take shape.

At 12:58 p.m. the Dow Jones Industrial Average rose

277.48 points, or 0.63%, to 44,006.82, the S&P 500 gained

24.83 points, or 0.42%, to 5,997.93, and the Nasdaq Composite

gained 2.37 points, or 0.01%, to 19,271.83.

Rate-sensitive technology stocks eased 0.4%, while

materials was the biggest decliner. However, the

utilities and real estate sectors gained

more than 1% each.

Shares of chipmaker Nvidia ( NVDA ) dipped 1.1% after the AI

pioneer became the first in history to surpass a $3.6 trillion

in market value on Thursday.

Airbnb ( ABNB ) dropped 8.2% after missing third-quarter

profit estimates, while 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 failed to impress

investors. JD.com and Alibaba fell around 6%

each.

Investors are also keeping an eye on 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.