Nasdaq hits new record on swift economic recovery hopes; Dow up 220 points

The benchmark S&P 500 and the Dow are now 5.5% and 7.4% away from their respective closing highs, after surging more than 45% from their pandemic lows

US stocks rose on Monday, with the Nasdaq hitting a record high for the second straight session, after a surprisingly upbeat jobs report last week raised bets of a swift recovery from a coronavirus-driven downturn.

If the tech-heavy index closes at an all-time high, it would confirm a bull market began on March 23, according to a widely accepted definition. The Nasdaq is the first of the Wall Street's three main indexes to bounce back from the market crash caused by the pandemic.

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