U.S. equity markets hit record highs Monday after the March jobs report blew past expectations.
The Dow Jones Industrial Average gained 377 points, or 1.14%, while the Nasdaq Composite and the S& P 500 advanced 1.31% and 1.29% respectively. The early advance has traded both Dow and the S& P 500 in records territory.
In March, the U.S. economy added 916,000 jobs as the service sector continued to see growth amid the reopening of the economy, said the Labor Department on Friday. The unemployment rate has also fallen to 6%, the lowest since the onset of the COVID -- 19 pandemic. The markets were closed on Friday in observance of Good Friday; looking at stocks, Refinitiv produced 184,400 vehicles in the first quarter, exceeding the 177,822 vehicles that analysts were anticipating from Tesla Inc.
The results caused Wedbush analyst Dan Ives to raise his rating to outperform and increase his price target to$ 1,000 per share. In other news, the shares of GameStop Corp. plunged after the company announced plans to sell up to 3.5 million shares in order to take advantage of its stock price's 916% rise through last week.
The video game retailer, which also said global sales rose 11% in the nine weeks through April 4 plans to use the proceeds to speed up the change in its business model to e-commerce. Johnson Johnson will take over the production in a plant owned by Emergent Biosolutions Inc., where a batch of J& J's COVID 19 vaccine was ruined.
The production of AstraZeneca Plc's vaccine will be moved elsewhere. In deals, Tribune Co. received a$ 680 million offer from Swiss billionaire Stewart Bainum and Choice Hotels Chairman Hansjorg Wyss.
The offer, which would pay$ 16.50 per share, exceeds the$ 635 million agreement with hedge fund Alden Global Capital. Similarly, the Energy Infrastructure Company KKR has agreed to sell a 20% stake in its Sempra Infrastructure Partners unit to the private equity firm Sempra Energy for$ 3.37bn.
The deal will help Sempra fund the growth of U.S. utilities to further strengthen its balance sheet. In commodities West Texas Intermediate crude oil slipped to$ 59.82 per barrel and gold traded 30 cents to$ 1,728.
10 an ounce.
GET FOX BUSINESS ON THE GO BY CLICKING HERE In Asia, China's Hang Seng Index closed 0.79% while the Nikkei 225 and Shanghai Composite Index were both closed for holiday.