US STOCKS-S&P 500 nears 6,000 mark as Trump win, rate cut keep rally alive

(For a Reuters live blog on U.S., UK and European stock markets, click or type LIVE/ in a news window.)

*

Airbnb (ABNB), Pinterest (PINS) fall after results

*

Indexes set for weekly gains

*

China ADRs slip after stimulus measures

*

Indexes: Dow up 0.57%, S&P 500 up 0.34%, Nasdaq down 0.06%

(Updated at 11:46 a.m. ET/ 1646 GMT)

By Lisa Pauline Mattackal and Ankika Biswas

Nov 8 (Reuters) - The S&P 500 index inched closer to the 6,000 mark and the Dow gained on Friday, 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 indexes 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 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 0.2% on the day, also set for its best week in four years.

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.

"The VIX has also gone down a ton - that means that there's a lot of optimism out there," said Ryan Dykmans, chief investment officer at Dunham & Associates Investment Counsel.

The markets may be underpricing the risk of higher inflation and interest rates, he said. "I'm still of the camp that the next seven or eight months worth of (Fed) cuts are very uncertain."

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 11:46 a.m. the Dow Jones Industrial Average rose 248.48 points, or 0.57%, to 43,977.82, the S&P 500 gained 20.53 points, or 0.34%, to 5,993.63 and the Nasdaq Composite lost 11.08 points, or 0.06%, to 19,258.38.

Rate-sensitive technology stocks eased 0.2%, 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.

Advancing issues outnumbered decliners by a 1.48-to-1 ratio on the NYSE and by a 1.06-to-1 ratio on the Nasdaq.

The S&P 500 posted 76 new 52-week highs and seven new lows while the Nasdaq Composite recorded 162 new highs and 81 new lows.

(Reporting by Lisa Mattackal and Ankika Biswas in Bengaluru; Editing by Arun Koyyur)