US: Dow, S&P 500 end at records on latest strong US data

[NEW YORK] Wall Street stock indices finished at fresh records Monday on the latest signs of an accelerating US recovery as vaccinations become more widely deployed in the world's biggest economy.

The Dow Jones Industrial Average jumped 1.1 per cent to 33,527.19, an all-time high.

The broad-based S&P 500 gained 1.4 per cent to 4,077.91, also a record, while the tech-rich Nasdaq Composite Index surged 1.7 per cent to 13,705.59.

Activity in the US services sector hit an all-time high in March as orders surged amid a jolt of pent-up demand.

Officials at the Institute for Supply Management cautioned about supply chain disruptions and higher commodity prices, but described the report as generally strong.

The ISM data followed a strong March jobs report and better-than-expected US auto sales over the same period.

"The market is going to continue to trade with this bullish trend until there's something that disturbs the trend," said Briefing.com analyst Patrick O'Hare. "You don't fight the tape." Auto companies had a good session.

General Motors surged 5.8 per cent as it unveiled details about its new all-electric Hummer SUV, while Tesla gained 4.4 per cent after it reported strong first-quarter auto deliveries.

Large tech names also had a big day, with Apple, Facebook and Goole parent Alphabet all winning more than two per cent.

But GameStop fell 2.4 per cent as it announced plans for a new stock offering of up to 3.5 million common shares.

Petroleum producers tumbled as oil prices fell sharply following a decision by OPEC and other producers to gradually lift output. Midsized oil producers Devon, EOG Resources and Occidental all lost at least four per cent.

AFP