(CNBC) -- U.S. stocks climbed to record highs on Monday as a strong bounce in U.S. job growth and solid data in the services sector raised expectations for a swift economic recovery from the pandemic.
The Dow Jones Industrial Average rose 370 points to an all-time high. The S&P 500 gained 1.4%, hitting a new intraday record after closing above 4,000 for the first time on Thursday. The tech-heavy Nasdaq Composite also climbed 1.6%.
The Labor Department reported Friday that nonfarm payrolls increased by 916,000 in March, the highest since August 2020, while the unemployment rate fell to 6%. Economists surveyed by Dow Jones were expecting an increase of 675,000 and a jobless rate of 6%.
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