Wall Street rides Friday’s jobs wave, bonds fret over Fed – Reuters

SectorFinancial Markets

NEW YORK (Reuters) -The S&P 500 and the Dow were on track to notch new all-time closing highs on Monday as surprisingly robust economic data stoked investor risk appetite, while cryptocurrency market cap breached the $2 trillion hurdle.FILE PHOTO: A "Now Hiring" sign advertising jobs at a hand car wash is seen along a street, as the spread of the coronavirus disease (COVID-19) continues, in Miami, Florida, U.S. May 8, 2020. REUTERS/Marco BelloFriday’s employment report, which showed 916,000 jobs added in March and the unemployment rate falling to 6%, driven by vaccine deployment and stimulus, marked the beginning of what could be the strongest yearly economic performance in decades.“Today’s action was set by Friday’s employment report,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago.Enthusiasm over the jobs report was boosted on Monday by the Institute for Supply Management’s non-manufacturing PMI reading hit an all-time high, showing the pandemic-battered services sector expanded at a record pace in March,...read more...