Stocks closed broadly higher on Wall Street Monday as the economy showed more signs that it’s continuing to recover. The S&P 500 rose 1.4% to another record high. The gains came after the 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 jobs reports, which was released on Friday when stock trading was closed, the AP reports. The S&P 500 rose 58.04 points to 4,077.91.The Dow Jones Industrial Average rose 373.98 points, or 1.1%, to 33,527.19.The Nasdaq rose 225.49 points, or 1.7%, to 13,705.59. Tesla surprised investors with a report that vehicle deliveries doubled during the first quarter. Crude oil prices fell.
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. "The jobs report underscored the rebound in the labor market," says Quincy Krosby, chief market strategist at Prudential Financial. "The only thing that can stymie this rebound, this recovery, will be that COVID-19 launches another wave."
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