The US stock market opened higher on Monday before the strong employment report and new data were released. The new data is expected to show the recovery of the US service industry.
The Dow Jones Industrial Average rose 267 points, or 0.8%, shortly after the market opened. The S&P 500 Index rose 0.7%, and the Nasdaq Composite Index also rose 0.7%.
On Monday, the stock market had the first opportunity to respond to Friday’s employment report. The report showed that as the economic recovery accelerated, the number of jobs in the United States surged in March. Employers added a seasonally adjusted 916,000 jobs in March, the largest increase since August. The rapid pace of hiring has increased hopes for a strong economic rebound and continues to drive investors to choose stocks most affected by the pandemic.
After measures were taken to curb the spread of Covid-1
Hani Redha, portfolio manager of PineBridge Investments, said: “This is a major report covering all areas, which has greatly exceeded expectations.” “The market has begun to react. The direction of the stock will be very positive.”