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

SourceZawya
SectorFinancial Markets
CountryGulf

NEW YORK- U.S. stocks set a course for new record highs on Monday as blow-out economic data increased investor risk appetite while putting bonds under pressure on worries the Federal Reserve could start raising interest rates sooner than expected.Friday's payrolls data, which showed 916,000 job 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. "Friday's employment number as well as today's Non-manufacturing ISM data indicate growing economic strength, which raises concern about the Fed having to taper or increase interest rates," said Tim Ghriskey, chief investment strategist at Inverness Counsel in New York.The Dow Jones Industrial Average rose 384.05 points, or 1.16%, to 33,537.26, the S&P 500 gained 53.2 points, or 1.32%, to 4,073.07 and the Nasdaq Composite added 176.06 points, or 1.31%, to 13,656.17.European and Australian stock markets were closed in observance of Easter Monday, while China's stock market was dark in observance of Tomb Sweeping day.MSCI's gauge of stocks across the globe gained 0.90%.Emerging market stocks rose 0.02%. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.01% lower, while Japan's Nikkei rose 0.79%.U.S. Treasury yields were mostly ...read more...