US STOCKS-Stocks rally on reopening, stimulus hopes

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* Fed pledges to support economy -minutes
* Facebook, Amazon touch record highs
* Delta Air Lines CEO sees more summer flights
* Dow up 1.49%, S&P 500 up 1.64%, Nasdaq up 1.90%

(Adds Fed minutes; changes byline)
By Chuck Mikolajczak
NEW YORK, May 20 (Reuters) - The three major averages on
Wall St were poised for their fourth gain in five session on
Wednesday as investors again bet on a swift economic recovery
from coronavirus-driven lockdowns and the potential for more
stimulus measures from the Federal Reserve.
The S&P 500 stands at a two-month high and was briefly above
its 100-day moving average, a closely watched technical
indicator that has acted as a resistance level. The Nasdaq
.IXIC was trading at its highest level in three months and was
about 5% below record levels, as shares of Facebook Inc FB.O
and Amazon.com Inc AMZN.O surged to all-time highs.
Gains were broad-based, with each of the 11 major S&P
sectors on the plus side. The small-cap Russell 2000 index
.RUT , which usually leads gains out of a recession,
outperformed the large-cap indexes.
Still, with economic data likely to be dismal in the coming
weeks, there is concern that stocks may have gotten ahead of
themselves, with the S&P up nearly 33% from its March 23 closing
low.
"Once the economy shut down, we had very little clarity with
respect to numbers and measurements, the whole marketplace is
sort of flying blind," said Mike Zigmont, head of trading at
Harvest Volatility Management in New York. "This market is swept
up in a very powerful trend and along the way it is very
confident in itself. There hasn't been much doubt that we are
over our skis."
Minutes from the Federal Reserve's most recent policy
meeting showed the central bank pledged to act as appropriate to
support the economy until it is on track to recovery, a
sentiment that Fed Chair Jerome Powell has voiced in recent
days.
The Dow Jones Industrial Average .DJI rose 360.8 points,
or 1.49%, to 24,567.66, the S&P 500 .SPX gained 47.95 points,
or 1.64%, to 2,970.89, and the Nasdaq Composite .IXIC added
174.88 points, or 1.9%, to 9,359.99.
Lawmakers in the U.S. House of Representatives plan to vote
again next week on giving small businesses more time to utilize
their coronavirus aid under the Paycheck Protection Program,
House Speaker Nancy Pelosi said on Wednesday. As states across the country begin to loosen restrictions,
hopes for an economic rebound have grown. The NYSE Arca airlines
index .XAL jumped 5.35% as Delta Air Lines Inc's DAL.N chief
executive officer said he was confident travel will return in
the next 12 to 18 months.
Target Corp TGT.N lost 2.86% after the big box retailer
reported a 64% plunge in quarterly profit, as costs related to
the coronavirus outbreak outweighed a surge in online sales.
Advancing issues outnumbered declining ones on the NYSE by a
4.05-to-1 ratio; on Nasdaq, a 3.53-to-1 ratio favored advancers.
The S&P 500 posted 13 new 52-week highs and no new lows; the
Nasdaq Composite recorded 74 new highs and nine new lows.