for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

US STOCKS-Wall Street rises as Tesla surges; focus on Fed meeting

(Updates with close of U.S. market)

* Indexes hit intraday highs during session

* Federal Reserve policy statement due Wednesday

* Harley-Davidson rises as EU-U.S. end tariff dispute

By Lewis Krauskopf, Devik Jain and Bansari Mayur Kamdar

Nov 1 (Reuters) - The Nasdaq rose on Monday and the S&P 500 edged higher as gains for energy shares and Tesla buoyed indexes and investors looked ahead to a major Federal Reserve meeting later in the week.

The Dow Jones Industrial Average eclipsed 36,000 points for the first time ever during intraday trading.

The Federal Reserve on Wednesday is expected to approve plans to scale back its $120 billion monthly bond-buying program put in place to support the economy, while investors will also be focused on commentary about interest rates and how sustained the recent surge in inflation is.

“This (meeting) is going to be a relatively big deal,” said Paul Nolte, portfolio manager at Kingsview Investment Management in Chicago. “We are expecting to hear the glide path for tapering the bond purchases.”

According to preliminary data, the S&P 500 gained 8.31 points, or 0.18%, to end at 4,613.69 points, while the Nasdaq Composite gained 96.21 points, or 0.62%, to 15,594.59. The Dow Jones Industrial Average rose 93.69 points, or 0.26%, to 35,913.25.

All three indexes hit intraday record highs during the session.

Tesla shares jumped, helping lift the S&P 500 consumer discretionary sector.

Shares of the electric car maker have charged higher since the company’s market value crossed $1 trillion last week.

Among S&P 500 sectors, energy led the way, while the communications services group dropped.

A survey on Monday showed U.S. manufacturing activity slowed in October, with all industries reporting record-long lead times for raw materials, indicating that stretched supply chains continued to constrain economic activity early in the fourth quarter.

With over half of S&P 500 companies having reported, third-quarter earnings are expected to have climbed 39%, according to Refinitiv IBES.

“There continues to be positive sentiment around earnings despite some high-profile misses,” said Kristina Hooper, chief global market strategist at investment management firm Invesco.

In company news, Harley-Davidson Inc shares jumped after the European Union removed retaliatory tariffs on U.S. products, including whiskey, power boats and company’s motorcycles. (Reporting by Lewis Krauskopf in New York, Devik Jain and Bansari Mayur Kamdar in Bengaluru; Editing by Maju Samuel and Aurora Ellis)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up