(Updates to afternoon)

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Indexes up: Dow 1.20%, S&P 500 1.19%, Nasdaq 1.52%

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Philadelphia Semiconductor Index hits all-time high

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Apple ( AAPL ) shares hit record high

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Boeing ( BA ) rises after FAA approves 737 MAX production raise

By Stephen Culp

NEW YORK, Oct 20 (Reuters) - Wall Street stocks moved

sharply higher on Monday with technology shares providing much

of the upside muscle, as generally upbeat quarterly earnings

results helped revive investor risk appetite.

A broad, tech-led rally sent all three major U.S. stock indexes

resolutely higher, putting the Nasdaq out front. But small caps

outperformed, with the Russell 2000 jumping 1.9%.

Apple ( AAPL ) stock touched a record high, while Meta

, Netflix ( NFLX ) and Alphabet gained between

1.2% and 3.9%.

The Philadelphia Semiconductor Index touched a

record high and was last up 1.8%.

Micron shares rose 2.2% and hit a record high after

Barclays raised its price target on the stock. ON Semiconductor

and KLA added 5.6% and 3.9%, respectively.

Third quarter earnings season has shifted into high gear.

Notable results this week include Tesla, Netflix ( NFLX )

, IBM ( IBM ), Intel ( INTC ), GM and Ford,

along with a slate of other high-profile industrial firms,

including aerospace, transports and diversified manufacturers.

Upcoming U.S. regional bank results are expected to provide a

closer read of the sector on the heels of last week's selloff,

which was driven by fears of systemic credit stress.

Analysts currently expect third-quarter S&P 500 earnings

growth, on aggregate, of 9.3% year-on-year, marking an

improvement over their 8.8% growth estimate as of October 1.

"A lot of the uncertainty that the businesses were concerned

about tax legislation, the tariffs, earlier this year has

subsided for the time being, and that's allowed companies to

focus on earnings and profitability," said Matthew Keator,

managing partner in the Keator Group, a wealth management firm

in Lenox, Massachusetts.

Sentiment was given an extra boost by White House economic

advisor Kevin Hassett, who said the federal government shut

down, now entering day 20, is likely to end this week.

"Hope springs eternal," Keator added. "The shutdown is

getting long in the tooth; I think it's starting to wear on some

of the constituents and hopefully Congress can come up with some

sort of compromise to settle it, so we can move on to corporate

earnings season."

With the federal government shutdown entering day 20,

investors and policymakers alike have had to feel their way

forward amid the resulting data blackout. But on Friday the

Labor Department will make an exception by releasing its

September consumer price index (CPI), which will provide the

data dependent U.S. Federal Reserve with a glimpse at the state

of inflation and perhaps an indication regarding the extent to

which President Donald Trump's tariffs are affecting price

growth.

In the ongoing trade skirmish between Washington and

Beijing, U.S. President Donald Trump suggested easing tariffs on

China if Beijing resumes key agricultural purchases including

soybeans. Trump blamed the latest showdown on China's rare earth

export controls.

The Dow Jones Industrial Average rose 554.28 points,

or 1.20%, to 46,745.63, the S&P 500 gained 78.61 points,

or 1.19%, to 6,743.00 and the Nasdaq Composite

gained 343.37 points, or 1.52%, to 23,023.62.

Of the 11 major sectors of the S&P 500 technology

and communication services enjoyed the largest

percentage gains, while consumer staples were the sole

losers.

Among other stock moves, Boeing ( BA ) advanced 1.9% after

the planemaker won approval from the U.S. Federal Aviation

Administration to raise 737 MAX production to 42 planes per

month.

WeightWatchers surged 9.6% after the company announced it

would partner with Amazon for weight-loss drug delivery.

Advancing issues outnumbered decliners by a 4.52-to-1 ratio

on the NYSE. There were 258 new highs and 40 new lows on the

NYSE.

On the Nasdaq, 3,584 stocks rose and 1,003 fell as advancing

issues outnumbered decliners by a 3.57-to-1 ratio.

The S&P 500 posted 22 new 52-week highs and 4 new lows while

the Nasdaq Composite recorded 71 new highs and 59 new lows.