S&P 500 Index opens sharply higher, hits new record-high above 4,050
- Wall Street's main indexes started the new week on a strong footing.
- S&P 500 and the DJIA both notched new all-time highs on Monday.
- Energy stocks underperform amid falling crude oil prices.
Major equity indexes in the US opened decisively higher on Monday as investors cheer Friday's impressive labour market report. As of writing, the S&P 500 and the Dow Jones Industrial Average indexes were both up 0.9% on the day, trading at fresh all-time highs at 4,055 and 33,467, respectively. Moreover, the Nasdaq Composite is rising 0.88% at 13,446.
The US Bureau of Labor Statistics' monthly report showed on Friday that Nonfarm Payrolls in March surged by 916,000. Additionally, the Unemployment Rate fell to 6% from 6.2% despite the fact that the Labor Force Participation Rate edged higher to 61.5%.
Among the 11 major S&P 500 sectors, the Consumer Discretionary Index is up 1.6% as the biggest daily percentage gained after the opening bell. On the other hand, the Energy Index is down 1% pressured by a 2% decline witnessed in US crude oil prices.
S&P 500 chart (daily)
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
