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US markets lower one day after new records set
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U.S. equity futures traded lower ahead of Tuesday's Wall Street session even as the U.S. government reported that employers went on a hiring spree in March, adding 916,000 jobs, the most since August.
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On Wall Street, the S&P 500 rose 1.4% to 4,077.91, another record high. The Dow Jones Industrial Average rose 379 points, or 1.2%, to 33,527.19 and the Nasdaq was 1.6% higher, at 13,705.59.
Traders had a delayed reaction to the encouraging jobs report, which was released on Friday when stock trading was closed. Investors were further encouraged by a report Monday showing that the services sector recorded record growth in March as orders, hiring and prices surged.
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Both employment and the services industry have been lagging other areas of the economy throughout the recovery. Analysts have said that both need to show signs of growth in order for the recovery to remain on track. In the U.S., the strong rollout of vaccinations is making an eventual return to normal for many people seem clearer and closer.
“The jobs report underscored the rebound in the labor market,” said Quincy Krosby, chief market strategist at Prudential Financial. “The only thing that can stymie this rebound, this recovery, will be that COVID-19 launches another wave.”