Home Business The economic recovery momentum is strong. The U.S. Dow Index and S&P 500 Index hit record highs again.
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The economic recovery momentum is strong. The U.S. Dow Index and S&P 500 Index hit record highs again.

by YCPress

April 5th – The U.S. stock market rose across the 5th, boosted by news that the non-agricultural employment data exceeded expectations in March and the expansion of the service industry was strong. Among them, the Dow Jones Industrial Average Index and the Standard & Poor’s 500 stock indexes all hit record highs in the middle and closing positions.

On the same day, the Dow Jones Industrial Average closed at 3,527.19 points, or 1.13%; the Nasdaq Composite Index closed at 13705.59 points, or 1.67%; and the S&P 500 closed at 4077.91 points, or 1.44%. Previously, industry stocks that were seriously hit by the epidemic, such as aviation, cruises and other sectors, led the increase. Among them, United Airlines rose 2.54%, Delta Airlines rose 2.91%, Norwegian Cruises rose 7.81%, and Carnival Cruises rose 4.65%.

On Friday, data released by the Department of Labor showed that 916,000 new jobs were added to the non-agricultural sector in the United States in March, the largest increase since August last year. Data released by the Supply Management Association (ISM) on Monday showed that the U.S. service index rose to 63.7 in March, the highest on record in 2008.

The Wall Street Journal reported that U.S. stocks closed for one day due to the Easter holiday last Friday, so the market effect of non-agricultural employment data was delayed until the 5th, which was superimposed with the latest service industry index news, which strongly boosted investors’ confidence in the U.S. economic recovery.

The report also said that the vaccination work in the United States is accelerating, which has boosted the index to a new high. As of April 5, more than 167 million doses of coronavirus vaccine had been vaccinated in the United States, and more than 107 million people had at least one dose, or 32.4% of the U.S. population, according to statistics released by the Centers for Disease Control and Prevention (CDC).

Bloomberg quoted analysts as saying that there is little reason to bearish the stock market at present, and even the yield of long-term U.S. Treasury bonds continues to decline. However, there are some developments in the market this week that deserve attention, including the minutes of the March monetary policy meeting to be released by the Federal Reserve on Wednesday, and the speeches to be made by Fed officials, which may have an impact on the subsequent trend of U.S. stocks.

On the 5th, Tesla, an electric vehicle manufacturer, attracted much market attention. Tesla’s share price rose 4.43% all day to close at $691.05 due to news such as higher delivery exceeding expectations in the first quarter and the increase of target prices by many investment banks.