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S&P 500 and Dow Jones hit all-time highs after strong US job data

Por Medha Singh y Shivani Kumaresan

Apr 5 (Reuters) – The S&P 500 and Dow Jones indices were trading at record highs on Monday, as investors welcomed strong U.S. labor data and a positive report on services activity amid signs that 2021 could see the decline. highest economic growth in four decades.

* At 1403 GMT, the Dow Jones Industrial Average was up 284.88 points, or 0.87%, at 33,440.02; the S&P 500 index added 38.14 points, or 0.94%, to 4,057.57 units; and the Nasdaq Composite Index advanced 151.17 points, or 1.12%, to 13,632.05.

* An ISM survey for March showed that service industry activity jumped to a record high amid robust new order growth, the latest sign of economic growth that has been boosted by the good pace of sales. vaccinations and a massive fiscal stimulus.

* The local Russell 2000 index improved 0.6% following a report on Friday that showed non-farm payrolls increased by 916,000 jobs in March, well above the 647,000 expected in a Reuters poll of economists.

* “If a year ago someone had said we would be here now, no one would have believed them,” said Thomas Hayes, president of Great Hill Capital LLC, New York.

* “On the one hand there are concerns about a potential increase in (interest) rates earlier than promised. At the same time it is starting to become a bit understandable that perhaps earnings estimates are too low,” he added.

* Ten of the top 11 S&P sectors rose, led by consumer discretionary, industrials, financials and communications services. The energy sector was down, in line with declines in crude prices.

* The Nasdaq is about 5% below the peak it touched in February, as high-growth tech stocks tried to rebound from a recent pullback from rising Treasury yields.

(Edited in Spanish by Carlos Serrano)

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