US STOCKS-ECB move boosts Wall Street, focus shifts to payrolls
* ECB cuts rates below zero to spur bank lending
* Rite Aid shares slide after outlook
* Sprint agrees to pay about $32 bln for T-Mobile US - source
* Indexes up: Dow 0.5 pct, S&P 0.5 pct, Nasdaq 0.7 pct (Updates prices, changes comment, adds David Tepper)
By Rodrigo Campos
NEW YORK, June 5 (Reuters) - The S&P 500 rose to hit an intraday record high for the seventh time in eight sessions on Thursday after the European Central Bank cut rates to record lows and outlined further accommodative monetary policy actions.
Also helping stocks: hedge fund manager David Tepper was reported by CNBC as saying the ECB move partly "alleviated" his concerns about the market, after having said last month he was worried stock prices were stretched.
The ECB cut the deposit rate to -0.10 percent and will move further to persuade banks to lend. ECB head Mario Draghi said the bank's governing council will intensify preparations related to outright purchases of asset-backed securities.
"A lot of people were short, expecting a pullback coming into the ECB decision," said Michael James, managing director of equity trading at Wedbush Securities in Los Angeles. "I think people were positioned for things to be underwhelming. Continuación...