U.S. markets and exchange-traded funds climbed on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record highs, the service sector reflecting an economy recovering from the coronavirus pandemic.
Monday,Invesco QQQ Trust (NASDAQ: QQQ) was up 2.0%, ETF SPDR Dow Jones Industrial Average (NYSEArca: DIA) increased by 1.1% and IShares Core S&P 500 ETF (NYSEArca: IVV) was 1.4% higher.
A March ISM survey showed service sector activity in the United States at an all-time high, bolstering bets that 2021 could reflect the best economic growth in nearly four decades, Reuters reports. The data also follows Friday’s report which found that the non-farm payroll in the United States jumped 916,000 jobs in March, against 647,000 economists’ expectations.
It was a successful report on all fronts, exceedingly exceeding expectations, said Hani Redha, portfolio manager at PineBridge Investments, at the The Wall Street Journal.
The recovery in the service sector has lagged behind that in manufacturing, and investors are still waiting for sectors like recreation, travel and restaurants to point to a broader economic rebound.
Manufacturing has been strong across the board, but it’s easier to start a factory and start making cars. What we need to see is the resumption of services, Altaf Kassam, head of investment strategy for State Street Global Advisors, told the WSJ.
After the increase in Covid-19 vaccine distribution and the latest coronavirus tax expenditure bill, investors are now considering moving forward on President Joe Biden’s multibillion-dollar infrastructure plan and the season business results.
Investors are more focused on strong economic growth and how that potential leads to better earnings in the future, Robert Pavlik, senior portfolio manager at Dakota Wealth, told Reuters.
Tech stocks took the lead on Monday and were still trying to recoup losses after soaring Treasury yields.
It’s always an encouraging sign when the market rallies around general economic news. Some of the tech stocks that have come under pressure are seen as something a little more valuable to them, Pavlik added.
For more news, information and strategy, visit the Equity ETF channel.
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