US STOCKS-Wall St climbs on stimulus hopes, as S&P, Nasdaq hit multi-month highs

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* Fed pledges to support economy -minutes
* Facebook and Amazon touch record highs
* Delta Air Lines CEO sees more summer flights

(Updates to market close)
By Chuck Mikolajczak
NEW YORK, May 20 (Reuters) - The three major averages on
Wall St notched their fourth gain in five sessions 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 finished at its highest close in three months and was
less than 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. The small-cap Russell 2000 index
.RUT , which usually leads gains out of a recession,
outperformed the large-cap indexes.
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.
"We have way lower interest rates for the foreseeable
future, so that effects the multiple that we have to buy
discounted stocks at," said Kim Forrest, chief investment
officer at Bokeh Capital Partners in Pittsburgh. "And if you
give yourself a little bit more time, is it crazy to think
everything is going to come back in two years and you are going
to hold it three to five years?"
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.
Unofficially, the Dow Jones Industrial Average .DJI rose
1.52% to end at 24,575.9 points, while the S&P 500 .SPX gained
1.67%, to 2,971.61. The Nasdaq Composite .IXIC climbed 2.08%
to 9,375.78.
Lawmakers in the U.S. House of Representatives plan to vote
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 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 shares declined 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.