US STOCKS-S&P 500, Dow at all-time highs after strong jobs data
(For a Reuters live blog on U.S., UK and European stock markets, click LIVE/ or type LIVE/ in a news window.)
* GameStop (NYSE: GME ) drops on $1 bln share sale plan
* Tesla jumps after posting record deliveries
* Small-cap Russell 2000 set to open sharply higher
* Indexes up: Dow 0.91%, S&P 0.85%, Nasdaq 0.82% (Adds comment, details; updates prices)
By Medha Singh and Shivani Kumaresan
April 5 (Reuters) - The S&P 500 and the Dow hit record highs on Monday as investors cheered strong jobs data and looked for a report on the services sector with signals that 2021 could see the best annual economic growth in nearly four decades.
An ISM survey for March is likely to show a jump in activity in the services sector, which accounts for more than two-thirds of U.S. economic activity. The data is due at 10 a.m. ET (1400 GMT).
The domestically focused small-cap Russell 2000 index .RUT rose 0.6% as Friday's report showed U.S. nonfarm payrolls surged by 916,000 jobs in March, well above 647,000 forecast by a Reuters poll of economists. you had said a year ago that we would be where we are now, no one would have believed you," said Thomas Hayes, chairman, Great Hill Capital LLC, New York.
"On the one hand, you have concerns about potential (interest) rate rise sooner than promised. At the same time, there is starting to be a little understanding that perhaps earnings estimates are too low."
Ten of the 11 major S&P sectors rose, with consumer discretionary .SPLRCD , industrials .SPLRCI , financials .SPSY and communication services .SPLRCL leading gains. Energy .SPNY dropped, tracking a fall in oil prices as producers decided to increase output. O/R
With speedy vaccinations and additional government stimulus helping the S&P 500 and the Dow clinch all-time highs, investors will now look to progress on a massive infrastructure plan and the upcoming corporate earnings season for insight on the sustainability of the rally. Nasdaq is still about 5% below its record peak from February as high-growth tech stocks attempted to recover from a pullback after a spike in bond yields.
At 9:42 a.m. ET, the Dow Jones Industrial Average .DJI was up 303.10 points, or 0.91%, at 33,456.31, the S&P 500 .SPX was up 34.30 points, or 0.85%, at 4,054.17, and the Nasdaq Composite .IXIC was up 110.71 points, or 0.82%, at 13,590.81.
U.S. Treasury Secretary Janet Yellen on Monday will call for a global minimum corporate tax rate, in a speech to the Chicago Council on Global Affairs, according to a report by news website Axios. Inc TSLA.O shares surged 6% after the world's most valuable automaker posted record deliveries. Corp's GME.N shares tumbled 13% after the video game retailer said it may sell up to $1 billion worth of stock as it takes advantage of a dizzying rally in its shares this year on the back of a Reddit-driven retail trading frenzy. issues outnumbered decliners by a 2.64-to-1 ratio on the NYSE and a 1.87-to-1 ratio on the Nasdaq.
The S&P index recorded 63 new 52-week highs and no new low, while the Nasdaq recorded 97 new highs and two new lows.
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