Nasdaq hits record close, confirms bull market on economic recovery hopes

WASHINGTON - The Nasdaq hit a record high close on Monday , confirming a bull market began on March 23, and the Dow and S&P 500 jumped as expectations for a swift recovery from a coronavirus-driven downturn increased.

A closely watched monthly jobs report on Friday showed an unexpected fall in unemployment rate, bolstering views that the worst of the economic damage from the virus outbreak was over. The energy sector climbed the most among the 11 major S&P sectors as major oil producers agreed over the weekend to extend a deal on record output cuts.

Unofficially, the Dow Jones Industrial Average rose 463.45 points, or 1.71 per cent, to 27,574.43, the S&P 500 gained 38.53 points, or 1.21 per cent, to 3,232.46 and the Nasdaq Composite added 110.66 points, or 1.13 per cent, to 9,924.75.

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