S&P 500, Dow at all-time highs after robust economic data – Reuters

S&P 500, Dow at all-time highs after robust economic data – Reuters

NEW YORK (Reuters) - U.S. stocks rallied on Monday, as a round of strong economic data on the labor market and services sector buoyed investor optimism for the economic reopening and a muted climb in the 10-year U.S. Treasury yield kept inflation worries at bay.FILE PHOTO: A U.S. flag flies outside The Federal Reserve Bank of New York in New York City, U.S., March 29, 2021. REUTERS/Brendan McDermid/File PhotoAn 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 sectors poised to lead an economic reopening, such as energy, financials and materials. 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.“One of the fears in March was that the rise in rates meant you need to take multiples down,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management in Seattle.“It's not the reopening