US STOCKS-S&P 500, Dow at all-time highs after robust economic data

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* U.S. service sector activity at record high - ISM
* Tesla jumps after posting record deliveries
* Indexes up: Dow 1.26%, S&P 1.45%, Nasdaq 1.37%

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By Medha Singh and Shivani Kumaresan
April 5 (Reuters) - Wall Street's main indexes jumped more
than 1% on Monday, with the S&P 500 and the Dow at record highs
as investors cheered strong jobs and services sector reports
which bolstered views that 2021 could see the best economic
growth in nearly four decades.
An ISM survey for March showed a measure of U.S. services
industry activity jumped to a record high. The data comes on the
heels of Friday's report showing U.S. nonfarm payrolls surged by
916,000 jobs in March, well above 647,000 forecast by a Reuters
poll of economists. "Investors are more focused on strong economic growth and
how that potential leads to better earnings in the future," said
Robert Pavlik, senior portfolio manager at Dakota Wealth in New
York.
With speedy vaccinations and additional government stimulus
helping the S&P 500 and the Dow clinch all-time highs, focus now
turns to progress on a massive infrastructure plan and the
upcoming corporate earnings season for insight on the
sustainability of the rally. The Nasdaq is still about 4% below its record peak from
February as high-growth tech stocks attempted to recover from a
pullback after a spike in bond yields.
Ten of the 11 major S&P sectors rose, with tech .SPLRCT ,
consumer discretionary .SPLRCD and communication services
.SPLRCL leading gains.
"It is always an encouraging sign when the market rallies on
broad economic news. Some of the tech stocks that had come under
pressure are seen as may be something that has a little bit more
value to them," Pavlik added.
Energy shares .SPNY were in a weak spot, tracking a fall
in oil prices as producers decided to increase output. O/R
At 11:45 a.m. ET the Dow Jones Industrial Average .DJI was
up 416.22 points, or 1.26%, at 33,569.43, the S&P 500 .SPX was
up 58.10 points, or 1.45%, at 4,077.97 and the Nasdaq Composite
.IXIC was up 184.03 points, or 1.37%, at 13,664.14.
The S&P 1500 airlines index .SPCOMAIR jumped about 4% as
the U.S. Centers for Disease Control and Prevention said fully
vaccinated people can safely travel at "low risk" after the
agency had held off for weeks on revising guidance that
discouraged all non-essential trips. Meanwhile, U.S. Treasury Secretary Janet Yellen said that
she is working with G20 countries to agree on a global corporate
minimum tax rate to end a "30-year race to the bottom on
corporate tax rates." Tesla Inc TSLA.O shares surged 5% after the world's most
valuable automaker posted record deliveries. Advancing issues outnumbered decliners by a 1.79-to-1 ratio
on the NYSE and by a 1.26-to-1 ratio on the Nasdaq.
The S&P index recorded 75 new 52-week highs and no new low,
while the Nasdaq recorded 140 new highs and eight new lows.