Strong economic data lifts Dow, S&P 500 to record closes – Reuters

Strong economic data lifts Dow, S&P 500 to record closes – Reuters

NEW YORK (Reuters) -U.S. stocks rallied on Monday with the Dow and S&P 500 closing at record levels, as a round of strong economic data buoyed investor optimism for the economic reopening and a muted climb in the 10-year U.S. Treasury yield kept inflation worries in check.An ISM survey for March showed a measure of U.S. services industry activity jumped to a record high. The data followed Friday's report showing U.S. nonfarm payrolls surged by 916,000 jobs in March, trouncing forecasts.Investors have bet on cyclical sectors poised to lead an economic reopening, with energy, financials and materials among the best performing on the year. A climbing yield on the 10-year U.S. Treasury note has dented appetite for technology stocks.Despite strong economic data, gains were led by sectors that have underperformed recently, including communication services, consumer discretionary and tech, as the 10-year yield remained below a 14-month high hit last week.“Part of today is yields aren't moving and that is helping tech, there is at least some rotation going back into tech by somebody that is helping the sector,” said Tim Ghriskey, Chief Investment Strategist at Inverness Counsel in New York, New York.“At some point the cyclical move is discounted, these