New YORK- The S& P 500 and the Dow were on track to notch new all-time highs on Monday as surprisingly robust economic data stoked investor risk appetite, while cryptocurrency market cap breached the$ 2 trillion hurdle.
Friday's employment report, which shown 916,000 jobs added in March and the unemployment rate falling to 6%, driven by vaccine deployment and stimulus, marked the beginning of what could be the strongest economic performance in decades.
Today's action was outlined by the employment report of Friday, said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.
On Monday, the enthusiasm over the jobs report was boosted by the non-manufacturing PMI reading of the Institute for Supply Management to an all-time high, showing the economic recovery was expanding at a record pace in March and providing further evidence that the pandemic was not getting momentum.
But economically sensitive cyclicals and small caps are lagging.
Its been a strange week over the last week or so, Nolte added. With better economic data you 'd expect sensible stocks would outperform economic stocks.
The rising stimulus tide lifts all boats, Nolte suggests.
If you look at the last history, we 've had everything rally because of the flow of money coming into the financial markets, he said.
The Dow Jones Industrial Average is 394.12 points, or 1.19%, to 33,547.
33, S& P 500 added 60.12 points, or 1.50%, to 4,079.
99 and Nasdaq Composite was 235.25 points, or 1.75%, to 13,715.
35 The dollar dipped against a basket of currencies as American stocks waited on the next catalyst to drive direction and as investors waited on the one-week low.
Demand for crypto currencies continues to grow, with the cap of the market at a record high of$ 2 trillion on Monday.
The dollar index fell 0.46% with the euro up 0.42% to$ 1.1811.
The Japanese yen strengthened 0.51% versus the greenback at 110.17 per dollar while Sterling was last trading at$ 1.3903, up on the day by 0.54%.
The European and Australian stock markets were closed on observance of Easter Monday, while China's stock market was dark in observance of Tomb Sweeping Day. MSCI's valuation of stocks across the globe rose 1.01%; Emerging market stocks 0.07%.
The broadest index of Asia-Pacific shares outside Japan closed 0.04% higher while the Japanese Nikkei 0.59% rose.
The US Treasury yields were choppy in trading and were last off session highs reached in response to Friday's blockbuster nonfarm payrolls report.
Benchmark 10-year notes are last up to yield 1.7145% on Friday from 1.72% on down by 332 in price.
The 30 year bond last raised in price for 2 32 to yield 2.3635%, from 2.37% late on Friday.
The prices of oil fell as increasing supply of Iranian oil and rising output offset hopes for a demand rebound driven by economic revival.
The US crude fell to$ 58.65 per barrel, down 4.6% on the day, while Brent had 4.18% to end at$ 62.15 per barrel.
Gold prices edged lower as global stock prices dimmed the luster of safe-haven metals by rising markets. Spot gold was changed 0.1% to$ 1,726.
67 an ounce; U.S. gold futures dropped little at$ 1,728. 80