Dow and S&P hit record highs behind tech rally, positive job data

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April 5 (UPI) — U.S. markets hit record highs on Monday amid a continued tech rally and positive job growth data.

The Dow Jones Industrial Average climbed 373.98 points, or 1.13%, to a record 33,527.19, while the S&P 500 gained 1.44% to close at a new high of 4,077.91. The Nasdaq Composite also increased 1.67%.

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Google‘s parent company, Alphabet, helped lead the sustained rise in tech stocks gaining 4.19%, while Facebook increased 3.43%, Microsoft climbed 2.77% and Apple rose 2.36%.

Tesla stock also increased 4.43% on Monday while chipmaker intel gained 3.08%.

Markets also responded to the Labor Department reporting that the U.S. economy added 916,000 jobs in March, beating many analysts’ expectations of about 850,000.

Stocks that would benefit from the widespread lifting of COVID-19 restrictions climbed as Norwegian Cruise Line stocks gained 7.26% and Carnival grew 4.69%, while United Airlines climbed 2.54% and American Airlines grew 1.55%.

Tony Dwyer, Canaccord Genuity’s chief market strategist, described the market gains as “a ‘Capital V’ recovery that is in the early innings.”

“The only thing that could stand in the way would be another shutdown of the economy to contain new COVID-19 strains or a policy mistake by the Fed. Neither appear imminent,” Dwyer told CNBC.

The 10-year treasury yield, which had scared off investors after rising in recent weeks, fell slightly to 1.71%.