S&P 500 hits record high, crypto market value goes over $ 2 tln

S&P 500 hits record high, crypto market value goes over $ 2 tln

  The rising stimulus tide is lifting all boats, Nolte suggests.    “Its been a strange market over the past week or so,” Nolte added. “With better economic data you’d expect economically sensitive stocks would be outperforming.”    “If you look at recent history, we’ve had everything rally because of the flow of money come into financial markets,” he said. 

  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, and providing further evidence that the economic recovery was gaining momentum.    “Today’s action was set by Friday’s employment report,” said Paul Nolte, portfolio manager at Kingsview Asset Management in Chicago. 

  Still, economically sensitive cyclicals and small caps are lagging.    Friday’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. 

  Cryptocurrency demand continues to grow, with market cap hitting a record high of $2 trillion on Monday.    The dollar index fell 0.46%, with the euro up 0.42% to $1.1811.  Story continues

  The dollar dipped to a one-week low against a basket of currencies as U.S. stocks rallied and as investors waited on the next catalyst to drive direction.    The Dow Jones Industrial Average rose 394.12 points, or 1.19%, to 33,547.33, the S&P 500 gained 60.12 points, or 1.50%, to 4,079.99 and the Nasdaq Composite added 235.25 points, or 1.75%, to 13,715.35. 

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