Stocks move broadly higher following big job gains in March | Business
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A currency trader passes by screens showing the Korea Composite Stock Price Index (KOSPI), center, and the foreign exchange rate between U.S. dollar and South Korean won, right, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 5, 2021. Asian stock markets were mostly higher Monday after Wall Street hit a record high on optimism the spread of coronavirus vaccines might allow global business to return to normal.
A currency trader watches monitors at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 5, 2021. Asian stock markets were mostly higher Monday after Wall Street hit a record high on optimism the spread of coronavirus vaccines might allow global business to return to normal.
A currency trader passes by screens showing foreign exchange rates at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 5, 2021. Asian stock markets were mostly higher Monday after Wall Street hit a record high on optimism the spread of coronavirus vaccines might allow global business to return to normal.
FILE – In this Nov. 23, 2020 file photo, stone sculptures adorn the New York Stock Exchange. Stocks are off to a strong start on Wall Street Monday, April 5, 2021, putting the S&P 500 on track to beat the record high it set last week.
Stocks rose broadly in afternoon trading on Wall Street Monday as the economy showed more signs that it’s continuing to recover.
The U.S. government reported last week that employers went on a hiring spree in March, adding 916,000 jobs, the most since August. Investors had a delayed reaction to the encouraging job growth, which was released on Friday when stock trading was closed. Investors were further encouraged by a report Monday showing that the services sector recorded record growth in March as orders, hiring and prices surged.
The S&P 500 rose 1.4% and is on track to beat the record high it set last week. The Dow Jones Industrial Average rose 403 points, or 1.2%, to 33,557 and the Nasdaq rose 1.4% as of 12:17 p.m. Eastern.
Both employment and the services industry have been lagging other areas of the economy throughout the recovery. Analysts have said that both need to show signs of growth in order for the recovery to remain on track. COVID-19 and the potential for a spike in cases remains a concern, but the strong rollout of vaccinations is making an eventual return to normal for many people seem clearer and closer.
Tesla also surprised investors with a report that vehicle deliveries doubled during the first quarter.
