US STOCKS-S&P 500 rises on optimism over COVID-19 vaccine, stimulus

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* Chevron slips after agreeing to buy Noble Energy for $5
bln
* Halliburton rises after results
* Pfizer up on securing UK supply deal for potential
vaccines
* Dow down 0.23%, S&P up 0.24%, Nasdaq rises 1.17%

(Adds quote, details; updates prices)
By Devik Jain and Medha Singh
July 20 (Reuters) - The S&P 500 edged higher on Monday as
promising data across a range of COVID-19 vaccine candidates and
hopes of more stimulus helped overcome fears around the extent
of the economic damage from a surge in domestic coronavirus
infections.
The Nasdaq gained 1.2%, boosted by a 4% jump in Amazon.com
Inc AMZN.O as two brokerages raised their price targets on the
online retail giant's shares. Microsoft Corp MSFT.O , which is
set to report quarterly results later this week, also rose 2.0%.
The Dow was weighed down by industrial conglomerate 3M Co
MMM.N .
U.S. drugmaker Pfizer PFE.N and German biotech firm
BioNTech BNTX.O reported additional data from their
experimental COVID-19 vaccine that showed it was safe and
induced an immune response in patients. Pfizer's shares rose
1.3%. In the United Kingdom, data from AstraZeneca's AZN.L
experimental COVID-19 vaccine also showed it produced an immune
response in early-stage clinical trials in healthy volunteers.
"Even though we had some good vaccine news, the Phase-3
trials for many of these things is the hardest part and is very
difficult to get through," said Elliott Savage, portfolio
manager of the YCG Enhanced Fund in Austin, Texas.
"At this point, the fiscal stimulus is the next thing on
investors' mind. If there were a big audacious kind of fiscal
stimulus package, then that could definitely cause the market to
move higher."
Congress is set to debate a new aid package this week with
some support programmes due to expire by the end of the month.
Record levels of new COVID-19 cases are also forcing many states
to back-pedal their reopening plans. Signs of progress on a potential coronavirus vaccine,
improving economic data and a relatively upbeat start to the
second-quarter earnings season helped the S&P 500 and the Dow
rise for three consecutive weeks.
The benchmark S&P 500 is now about 5% down from its Feb. 19
record close.
At 11:22 a.m. ET, the Dow Jones Industrial Average .DJI
was down 61.15 points, or 0.23%, at 26,610.80 and the S&P 500
.SPX was up 7.83 points, or 0.24%, at 3,232.56. The Nasdaq
Composite .IXIC was up 123.26 points, or 1.17%, at 10,626.45.
Technology .SPLRCT and consumer discretionary .SPLRCD
rose more than any other S&P sector, while energy .SPNY and
industrials .SPLRCI lagged.
Oilfield services giant Halliburton Co HAL.N rose 6.4% as
it posted a surprise adjusted profit, benefiting from aggressive
cost cuts. Noble Energy Inc's NBL.O shares jumped 5% as Chevron Corp
CVX.N agreed to buy the Houston-based oil and gas producer for
$5 billion in an all-stock deal. Chevron fell 1.6%. L3N2ER2FR
This week, Tesla Inc TSLA.O , Intel Corp INTC.O and
Honeywell International Inc HON.N are expected to report their
quarterly results.
Declining issues outnumbered advancers for a 1.28-to-1 ratio
on the NYSE and nearly matched advancers on the Nasdaq.
The S&P index recorded 37 new 52-week highs and no new low,
while the Nasdaq recorded 102 new highs and nine new lows.