Dow, S&P 500 close at record highs as strong jobs report boosts economic optimism

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• US stocks hit records as investors cheer strong March jobs report Summary List Placement US stocks edged higher on Monday as investors cheered Friday's strong jobs report. The US added 916,000 jobs in March, beating the projected gains of 660,000. The S&P 500 and Dow Jones Industrial Average opened at record highs in Monday trades. Sign up here for our daily newsletter, 10 Things Before the Opening Bell US stocks surged to record highs on Monday as investors cheered Friday's strong jobs report. The stock market was closed on Friday in…
• Reopening turned into economic recovery in March, but it's just the base of the mountain Summary List PlacementAmerica's economic recovery has been somewhat disjointed over the last several months. When retail sales would surge, job additions would falter. Consumer sentiment would improve, but unemployment claims remained at elevated levels. And while manufacturers continued to enjoy outsize demand, restaurants and brick-and-mortar stores saw elevated COVID-19 infections eat into business.  Now, roughly one year after the pandemic began to spread across the country, those separate parts of the economy are rebounding in sync. Consumer sentiment soared to…
• Stocks 'love April' as the month is usually great for the S&P 500, says one strategist (INX, DJIA, COMPX, NDX, RUI, RUT) Summary List PlacementApril is a bullish month for US stocks, with the S&P 500 index producing wins for the month for more than a decade, says one chart strategist who also noted that double-digit monthly gains tend to set up equities for further strength. "What more can we say other than few months have been kinder to stocks lately than the month of April," Ryan Detrick, chief market strategist at LPL Financial, wrote in a note Wednesday as Wall Street…
• US economy adds 916,000 jobs in March, trouncing economist forecasts as reopening begins Summary List PlacementHiring in the US rebounded in March as early reopening throughout the country and massive stimulus revived economic activity. Nonfarm payrolls grew by 916,000 last month, according to the Bureau of Labor Statistics. That comes in above the median estimate of 660,000 new payrolls from economists surveyed by Bloomberg. The reading is the largest one-month gain since August and marks a third straight increase. The jump follows an upwardly revised increase of 468,000 payrolls in February. The headline unemployment…
• Asian stocks follow Wall St. up on strong Japan, Korea data Asian stock markets followed Wall Street higher Thursday after Japan and South Korea reported unexpectedly strong economic data and President Joe Biden announced a $2.3 trillion U.S. infrastructure spending plan. Market benchmarks in Shanghai, Tokyo, Hong Kong and Sydney advanced. Japan's closely watched Tankan survey found business conditions improved more than expected. South Korea reported higher March export growth. House prices rose in New Zealand and Australian manufacturing expanded. “Asia-Pacific released a lot of data today, including Japan’s latest Tankan…
• Global shares edge higher as investors look past Archegos shockwave to COVID-19 developments, while US tech shares ease Summary List Placement Global stocks edged slightly higher on Tuesday as investors shrugged off the Archegos hedge fund default. Futures on the Dow Jones rose 0.2%, while those on the Nasdaq 100 fell 0.5%. Investors are anticipating President Joe Biden's infrastructure spending speech on Wednesday. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Global stocks rose on Tuesday, as investors shrugged off worries about wider fallout from the $35 billion Archegos default to focus instead…
• Wall Street closes higher, pushing S&P 500 past 4,000 points By DAMIAN J. TROISE and ALEX VEIGA Stocks are closing broadly higher on Wall Street, pushing the S&P 500 past 4,000 points for the first time. Big Tech companies like Microsoft led the gains. The benchmark index climbed 1.1%, and the tech-heavy Nasdaq added 2.6%. Smaller companies continued to outpace the rest of the markets. Companies that would benefit from greater sales of electric vehicles rose after President Joe Biden outlined various measures to support their use as part of…
• Investors should stick with 4 kinds of stocks as Biden's infrastructure plan pumps up to $4 trillion into the economy, Bank of America says Summary List Placement Bank of America estimates Biden's infrastructure plan could pump up to $4 trillion into the economy.  Investors should focus on stocks that will benefit from an explosion of capex. Cyclical stocks, value stocks, and small-and-mid cap stocks will also perform well as the fiscal stimulus accelerates the economic recovery. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. The next fiscal package out of Washington could total $3 trillion-$4 trillion and focus heavily…
• US stocks edge higher as traders mull impact of Biden's infrastructure plan Summary List PlacementUS stocks edged higher on Wednesday investors brace themselves ahead of President Joe Biden's unveiling of a multi-trillion dollar spending plan.  The bill will include major investments into a range of sectors, and investors are absorbing its potential impact on both inflation and earnings as a large part is to be funded with tax hikes on corporations. The bill is part one of two in Biden's overall infrastructure plan, with the second to be announced in mid-April. Rising…
• Asian stocks up after Wall St. record amid vaccine optimism Asian stock markets were mostly higher Monday after Wall Street hit a record high on optimism the spread of coronavirus vaccines might allow global business to return to normal. Tokyo rose while Seoul swung between gains and losses. Markets in Shanghai, Hong Kong and Australia were closed for holidays. On Thursday, Wall Street’s benchmark S&P; 500 index rose 1.2% on its last trading day before the holiday weekend, closing above 4,000 points for the first time. The Nikkei 225 in…