* Oil prices up as producers stick to supply cut deal
* Energy, industrials top gainers among S&P sectors
* Activision top stock on S&P, Nasdaq after earnings,
* Indexes up: Dow 0.40 pct, S&P 0.30 pct, Nasdaq 0.31 pct
(Updates to early afternoon)
By Yashaswini Swamynathan
Feb 10 U.S. stocks hit record highs for the
second day on Friday as investors remained upbeat about a tax
reform plan that President Donald Trump vowed to unveil in the
Trump's promise of a "phenomenal" tax plan helped reignite a
post-election rally, which had stalled in recent weeks on
concerns over his protectionist stand and the lack of clarity on
"The market is saying, 'Thank you for coming back to the
very core of the reasons we have accepted your agenda'," said
Quincy Krosby, market strategist at Prudential Financial in
Newark, New Jersey.
Oil prices rose more than 2 percent after reports that OPEC
members delivered more than 90 percent of the output cuts they
pledged in a landmark deal that took effect in January.
The S&P 500 energy index was up 0.98 percent and
gave the broader index its biggest boost.
Industrial stocks, which have been among the top
gainers in the post-election rally, also rose 0.64 percent.
At 12:14 p.m. ET (1714 GMT), the Dow Jones Industrial
Average was up 79.94 points, or 0.4 percent, at
20,252.34, easing from its all-time high of 20,262.68.
The S&P 500 was up 7.05 points, or 0.30 percent, at
2,314.92, after hitting a record 2,315.16
The Nasdaq Composite was up 17.48 points, or 0.31
percent, at 5,732.66, slightly below its high of 5,733.21.
All of the 11 major S&P 500 sectors were higher, with
financials and consumer staples bringing up
The ongoing corporate earnings season added to the upbeat
Activision Blizzard surged 17.3 percent and gave
the biggest boost to the S&P 500 and the Nasdaq. The videogame
maker reported better-than-expected quarterly revenue and a $1
billion share buyback program.
Skechers USA was up 20.4 percent after its
fourth-quarter revenue beat expectations.
Sears Holding jumped nearly 31 percent to $7.24
after the struggling retailer said it would cut debt and pension
obligations by at least $1.5 billion this year.
Mead Johnson was up 5.1 percent after Reckitt
Benckiser finalised a $16.6 billion deal to buy the
infant formula maker.
Advancing issues outnumbered decliners on the NYSE by 1,961
to 883. On the Nasdaq, 1,701 issues rose and 1,015 fell.
The S&P 500 index showed 43 new 52-week highs and no new
lows, while the Nasdaq recorded 119 new highs and 16 new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by