Dow hits new record as brightening outlook unleashes bulls

The Dow Jones Industrial Average and the broader S&P 500 were both in record territory on Monday as a blockbuster jobs report and a positive read on the US services sector boosted bets on a robust economic recovery.

Two of three major stock indexes in the United States hit new record highs on Monday, propelled by a blockbuster jobs report and fresh data on the US services sectors that have bulls betting on a strong US economic recovery. The Institute for Supply Management said on Monday that its gauge of US services sector activity jumped to 63.7 in March – the highest reading ever and a full 8.7 percentage points higher than February. The gains come against a backdrop of warming temperatures, rollbacks of COVID-19 restrictions by state and local governments and more Americans getting vaccinated against the coronavirus.