US STOCKS-Dow hits record; Internet names advance
* S&P 500 less than 1 percent from record levels
* Hillshire to buy Pinnacle Foods for $6.6 billion
* Ukraine situation remains in focus after referendum
* Dow up 0.7 pct; S&P 500 up 0.9 pct; Nasdaq up 1.7 pct (Updates to late afternoon)
By Caroline Valetkevitch
NEW YORK, May 12 (Reuters) - U.S. stocks rallied on Monday, with the Dow hitting a record high and the S&P 500 within striking distance of its own record, while shares of Internet and biotech shares jumped.
Internet and biotech names were among the strongest advancers of the day. Biogen Idec gained 4.7 percent to $300.12 while TripAdvisor Inc shot up 6.4 percent to $90.02.
Both groups - often described as "momentum" stocks due to massive gains in recent months - have been wildly volatile in recent sessions, moving on concerns over valuation and hopes for high levels of growth.
The day's advance was broad, with S&P cyclical sector indexes such as materials, industrials and consumer discretionary all up more than 1 percent. Continuación...