You are here: Home » News-CM » International » Market Report
Business Standard

US Stocks climb to records on strong economic data

Capital Market 

The US stocks continued upward journey on Monday, 05 April 2021, with the Dow Jones Industrial Average and S&P 500 surging to records, thanks to better than expected jobs reports and the services sector data.

At the close of trade, the Dow Jones Industrial Average index advanced 373.98 points or 1.13% to 33,527 and the S&P 500 added 58.04 points or 1.44% to 4,078. The tech-heavy Nasdaq Composite Index climbed up 225.49 points or to 1.67% 13,706.

With the U. S. stock market closed Friday, it was the market's first reaction to the latest jobs report, which showed that U. S. hiring jumped in March. Employers added a seasonally adjusted 916,000 jobs last month. Investors were further encouraged by a report Monday showing that the services sector recorded record growth in March as orders, hiring and prices surged.

Technology and communications stocks accounted for a big slice of the gains Monday.

Apple rose 2.4%, Microsoft gained 2.8% and Facebook climbed 3.4%. Tesla s surged 4.4% after announcing a report that vehicle deliveries doubled during the first quarter.

Shares of energy companies fell as crude oil prices fell. Occidental Petroleum dropped 7.6% and Marathon Oil slid 5.1%.

ECONOMIC NEWS: Report from the Labor Department showed employment in the U. S. spiked by much more than expected in the month of March. The Labor Department said non-farm payroll employment surged up by 916,000 jobs in March after climbing by an upwardly revised 468,000 jobs in February. The stronger than expected job growth resulted in a continued decrease by the unemployment rate, which fell to 6.0 percent in March from 6.2 percent in February.

Separately, a report from the Institute for Supply Management showing its reading on activity in the service sector soared to an all-time high in March. The ISM said its Services PMI surged up to 63.7 in March from 55.3 in February, with a reading above 50 indicating growth.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, April 06 2021. 06:39 IST
RECOMMENDED FOR YOU
RECOMMENDED FOR YOU