U.S. equities rose Monday after a strong job report and as new data showed a recovery in the services sector.
The S&P 500 gained 1.2%, on the way to another record after the broad-based index hit an all-time high last week.
The Dow Jones industrial average rose 1%, while the Nasdaq Composite, which used the technology, added 1.2%.
With the U.S. stock market closing on Friday, it was the market’s first reaction to the latest jobs report, which showed U.S. hiring increased in March as the economic recovery accelerated. . Employers added 916,000 seasonally adjusted jobs in March, the best gain since August. The rapid pace of hiring is likely to bolster hopes of a strong economic rebound and will continue to drive investors to stocks hardest hit by the pandemic.
Investors have focused on the pace of hiring for signs of economic recovery following measures to contain the spread of Covid-19’s restricted business activity, prompting some to lay off workers last year. New claims for unemployment benefits have declined since then and Friday’s report showed signs that hiring could rise again.