Investors drove stocks higher in a broad advance Monday after getting more bullish economic data: services activity jumping to a record high in March. That follows a report Friday showing the economy gained 916,000 jobs that month.
Investors scooped up underperforming sectors like tech and communication services. The only sector to finish in the red was energy.
The Dow rose more than 1% while the S&P 500 gained 1.4%. The Nasdaq added 1.7%.
Fiduciary Trust Chief Investment Officer Hans Olsen:
“The services sector was particularly hard hit in the pandemic, and so we're seeing this recovery trade if you will, continuing to play out in very good form indeed.”
Among the top reopening movers Monday were stocks of cruise operators. Norwegian led the S&P 500 with a 7% gain after it asked U.S. health authorities to restart trips from American ports starting July 4.
Shares of Google-parent Alphabet and Oracle both rose. The Supreme Court sided with Google, ruling that its use of Oracle’s software code to build the Android operating system did not violate copyright law.
Tesla shares climbed 4%. The world’s most valuable automaker posted record deliveries.