S&P 500, Dow Ride Tech, Reopening Optimism to All-Time Highs By Investing.com – Investing.com

S&P 500, Dow Ride Tech, Reopening Optimism to All-Time Highs By Investing.com – Investing.com

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By Yasin Ebrahim

Investing.com – The S&P 500 and Dow closed at record highs Monday as tech and reopening stocks surged on signs the red-hot economic recovery is set to continue ahead of quarterly earnings season. 

The rose 1.41% to end the day at a closing high of 4,076.72, the rose 1.13%, or 373 points, to close at an all-time high of 33,527.19, the was up 1.67%.

 data for March jumped to a reading of 63.7, beating expectations of 59. This represents the highest reading for the service sector index since 1997.

"The reopening of leisure & hospitality hit a higher gear in March and evidence suggests that it will hit an even higher gear in April. The vaccine distribution process has been progressing well, and a more normal economy appears to be close at hand," Jefferies (NYSE:) said in a note.

The services sector is critical component of the U.S. economy, accounting for roughly 80% of U.S. private-sector gross domestic product (GDP).

The strong