Dow and S&P 500 closed at record levels on Monday, after improvement in various part of the US economy. According to Reuters, the surge in the market was backed by strong economic data and investors’ optimism, in addition to the muted rise in the 10-year US Treasury yield.
In March, an ISM survey showed a jump in the US services industry. Moreover, the data showed that US nonfarm payrolls were up by 9,16,000 jobs in March.
Sectors like energy, financials and materials are among the sectors that are performing well.
The Dow Jones Industrial Average rose 373.98 points, or 1.13 per cent, to 33,527.19 points; the S&P 500 was up by 58.04 points, or 1.44 per cent, to 4,077.91 points and the Nasdaq Composites saw a rise of 225.49 points, or 1.67 per cent, to 13,705.59 points.
Due to the massive infrastructure plan, followed by speedy vaccination roll-out, with corporate earning season round the corner, the US stock market accounted for all this which also pushed the market upwards.
However, the tech-heavy Nasdaq is still about 3 per cent below its February high. Volume on US exchanges was 10.05 billion shares, compared with the 12.62 billion average for the full session over the last 20 trading days.