The Dow Jones Industrial Average and S&P 500 surged to records on Monday as a strong jobs report and data showing a rebound in the services sector cheered investors hoping for a robust economic recovery.
The Dow gained 373.98 points, or 1.1%, to close at 33527.19. The broad S&P 500 climbed 58.04 points, or 1.4%, to 4077.91.
The technology-heavy Nasdaq Composite advanced 225.49 points, or 1.7%, to 13705.59.
With the U.S. stock market closed Friday, it was the market’s first reaction to the latest jobs report, which showed that U.S. hiring jumped in March. Employers added a seasonally adjusted 916,000 jobs last month, the best gain since August. The fast pace of hiring has bolstered hopes for a strong economic rebound, and it could continue driving investors to stocks hardest hit by the Covid-19 pandemic.
Many businesses laid off workers last year as state and local governments imposed measures to contain the spread of the coronavirus. New applications for unemployment benefits have trended down since then and Friday’s report offered signs that hiring may be picking up again.