US stocks set another record on Monday as activity in America’s services sector accelerated at its fastest ever pace last month.
The blue-chip S&P 500 index shot up 1.4 per cent to a record 4,078, while the tech-heavy Nasdaq Composite rose 1.7 per cent to trade at 13,706.
The latter was slightly shy of the all-time high of more than 14,000 it struck in February.
Monday’s gains rocketed after data from the Institute for Supply Management showed activity in the services sector rose rapidly in March.
The record also comes after data showed the US economy added almost one million jobs in March, a figure that exceeded economists’ expectations.
Analysts have said the Biden administration’s $1.9tn fiscal stimulus programme has added fuel to the powerful economic rally that followed the Covid-driven stock market lows last March.
Investors will now look forward to an infrastructure spending scheme pitched last week by Joe Biden.
Elsewhere, Japan’s Topix index rose 0.5 per cent, while South Korea’s Kospi edged up 0.3 per cent.