* Earnings won’t grow as much as expected - David Tepper to CNBC
* Apple biggest boost on the three major indexes
* Krispy Kreme falls after cutting forecast
* Indexes up: Dow 0.22 pct, S&P 0.21 pct, Nasdaq 0.49 pct (Adds details, adds comment, updates prices)
By Tanya Agrawal
Sept 10 (Reuters) - Wall Street was higher in late morning trading on Thursday as Apple shares and health stocks lifted the market ahead of the crucial Federal Reserve meeting next week.
Apple’s 1.8 percent rise gave the biggest boost to the three major indexes a day after the iPhone maker unveiled new offerings.
Gilead’s 2.6 percent was the second-biggest boost on the S&P and the Nasdaq.
Global markets were under pressure earlier in the day after data showed a drop in producer prices and car sales in China and slowing capital spending in Japan.
“We need to see more positive government action from China. They have all these levers to pull which they aren’t even as data gets more negative,” said Art Hogan, chief market strategist at Wunderlich Securities.
Adding to the downward pressure, influential fund manager David Tepper of Appaloosa Management told CNBC that corporate earnings may not rise as much as expected and he was not overly bullish on stocks next year.
U.S. stocks have been volatile for the past few weeks ever since China devalued its currency in August and the impact of a slowdown in the region on global growth rattled investors. The S&P 500 has seen moves of about 1 percent in the past few weeks.
“Volatility is here to stay for the rest of the fourth quarter because even if the Fed doesn’t raise rates next week, it is signaling that there is weakness in the economy,” said Mohannad Aama, Managing Director at Beam Capital Management in New York.
Data released on Thursday showed the number of Americans filing new applications for unemployment benefits fell last week, suggesting a moderation in job growth in August was an aberration. Initial claims fell by 6,000 to 275,000.
At 11:19 a.m. ET (1519 GMT) the Dow Jones industrial average was up 35.41 points, or 0.22 percent, at 16,288.98, the S&P 500 was up 4.08 points, or 0.21 percent, at 1,946.12 and the Nasdaq Composite was up 23.29 points, or 0.49 percent, at 4,779.82.
Nine of the 10 major S&P sectors were higher with the technology index’s 0.97 percent rise leading the advancers.
Palo Alto Networks was up 7.1 percent at $177.02 after the cyber security company reported its strongest revenue growth in 10 quarters and forecast better-than-expected growth in the current quarter.
Krispy Kreme Doughnuts fell 11.8 percent to $15.64, a day after the doughnut chain cut its 2016 profit forecast.
Lululemon Athletica was down 12.3 percent at $56.15 after the yogawear retailer’s gross margins continue to be under pressure as it spends more on product development and sourcing.
Advancing issues outnumbered decliners on the NYSE by 1,631 to 1,239. On the Nasdaq, 1,597 issues rose and 1,008 fell.
The S&P 500 index showed 1 new 52-week high and 6 new lows, while the Nasdaq recorded 16 new highs and 33 new lows. (Reporting by Tanya Agrawal; Editing by Don Sebastian)