U.S. stock futures traded lower ahead of Tuesday’s Wall Street session, though the U.S. government reported that employers went on a hiring trip in March, adding 916,000 jobs, the most since August.
|Me: DJI||DOW JONES AVERAGE||33527,1
|SP500||S&P 500||4077.91||+58.04||+ 1.44%|
On Wall Street, the S&P 500 rose 1.4% to 4,077.91, another record high. The Dow Jones Industrial Average rose 379 points, or 1.2%, to 33,527.19, and the Nasdaq was 1.6% higher at 13,705.59.
Traders had a delayed response to the encouraging job report released Friday when stock trading closed. Investors were further encouraged by a report Monday that showed the services sector recorded record growth in March as orders, hires and prices rose.
GLENN GREENWALD RAKES IT INTO SUBSTACK
Both employment and the service industry have lagged behind other areas of the economy throughout the recovery. Analysts have said both need to show signs of growth for the recovery to stay on track. In the United States, the strong rollout of vaccinations makes a definitive and closer return to normal for many people.
“The job report underscored the rebound in the job market,” said Quincy Krosby, chief market strategist at Prudential Financial. “The only thing that can dampen this rebound, this recovery, will be that COVID-19 launches a new wave.”
The gains were big on Monday, with almost all sectors rising. Companies benefiting from a broader reopening of the economy and economic growth also performed well. Norwegian Cruise Line jumped 7.2% for the biggest gain in the S&P 500 as it seeks permission to restart cruises out of US ports in July with a vaccination requirement for passengers and crew members. Rival Carnival rose 4.8% and Royal Caribbean rose 3.5%.
Technology stocks also drove the gains. Apple rose 2.1% and Microsoft rose 2.5%. Tesla surprised investors with a report that vehicle deliveries doubled in the first quarter. Its shares rose 5.1%.
Meanwhile, Asian stocks were mixed on Tuesday after Monday’s Wall Street rally, reflecting some optimism that the economy is recovering from the pandemic.
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Japan’s benchmark Nikkei 225 lost early gains and fell 1.3% to close at 29,696.63. Australia’s S & P / ASX 200 rose 0.8% to 6,885.90. South Korea’s Kospi rose 0.2% to 3,126.72. Shanghai Composite came up with less than 0.1% to 3,486.22. Hong Kong’s trade was closed for Easter.
Yoshimasa Maruyama, chief market economist at SMBC Nikko, noted that a gradual recovery in the Japanese economy had been reflected in the recent “tankan” Bank of Japan survey released last week. He said a rebound was marked in electronics due to households consuming electronics as the pandemic had pushed people’s spending on services.
Household spending data released Tuesday showed a 6.6% drop in February, with food, clothing, transportation and entertainment falling sharply.
There are still deep concerns about the pandemic, with medical experts warning Japan to support a “fourth wave” of rising infections and deaths related to COVID-19, as the nation lags behind the rest of the world in tests and vaccinations.
Similar outbreaks have flared up in other countries, including India and Thailand.
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In energy trading, the benchmark US crude added 80 cents to $ 59.45 per barrel. Barrel of Electronic Commerce on the New York Mercantile Exchange. It gave up $ 2.80 to $ 58.65 per. Barrel Monday. Brent crude, the international standard, rose 77 cents to $ 62.92 per barrel. Barrel.
In foreign exchange trading, the US dollar rose to 110.26 Japanese yen from 110.19 yen. The Euro cost $ 1.1811, down from $ 1.1813.