US STOCKS-Nasdaq hits new record on swift economic recovery hopes

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* Financial, industrial stocks outperform
* Energy stocks soar as OPEC+ extends oil output cut
* Airlines, cruise operators jump
* Indexes up: Dow 0.84%, S&P 0.43%, Nasdaq 0.30%

(Updates to early afternoon)
By Devik Jain and Medha Singh
June 8 (Reuters) - U.S. stocks rose on Monday, with the
Nasdaq hitting a record high for the second straight session,
after a surprisingly upbeat jobs report last week raised bets of
a swift recovery from a coronavirus-driven downturn.
If the tech-heavy index .IXIC closes at an all-time high,
it would confirm a bull market began on March 23, according to a
widely accepted definition. The Nasdaq is the first of the Wall
Street's three main indexes to bounce back from the market crash
caused by the pandemic.
The benchmark S&P 500 .SPX and the Dow .DJI are now 5.5%
and 7.4% away from their respective closing highs, after surging
more than 45% from their pandemic lows.
The S&P 500 is less than 1% away from recouping all of its
losses this year.
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.
"It's a continuation of the news on Friday that the
employment situation appears to be improving and that is
bringing in more investors from the sidelines," said Robert
Pavlik, senior portfolio manager at SlateStone Wealth LLC in New
York.
"You're seeing more of the cyclical areas of the market
showing improvement which is an encouraging sign to other market
participants."
The energy sector .SPNY climbed 2.8%, the most among the
11 major S&P sectors as major oil producers agreed to extend a
deal on record output cuts over the weekend. O/R
Other cyclical sectors including financials .SPSY ,
industrials .SPLRCI , as well as consumer discretionary stocks
.SPLRCD provided the biggest boost to the benchmark index.
Beaten-down shares of cruise operators Carnival Corp CCL.N
and Norwegian Cruise Line Holdings Ltd NCLH.N continued to
recover and rose 11.9% and 11.4%, respectively. The S&P 1500
airlines index .SPCOMAIR jumped 6.4%.
Planemaker Boeing Co BA.N gained 11.4%, extending its 40%
surge last week.
At 12:38 p.m. ET, the Dow Jones Industrial Average .DJI
was up 226.90 points, or 0.84%, at 27,337.88, the S&P 500 .SPX
was up 13.75 points, or 0.43%, at 3,207.68. The Nasdaq Composite
.IXIC was up 29.12 points, or 0.30%, at 9,843.20.
The focus this week will be on the Federal Reserve's two-day
policy meeting, ending on Wednesday, where the jobs report will
most likely be discussed.
It would be the first meeting since April when Fed Chair
Jerome Powell said the U.S. economy could feel the weight of the
economic shutdown for more than a year. Electric carmaker Tesla Inc TSLA.O rose about 5% after
China sales of Shanghai-made Model 3 vehicles more than tripled
in May, compared with the previous month. Advancing issues outnumbered decliners for a 3.73-to-1 ratio
on the NYSE and a 2.95-to-1 ratio on the Nasdaq.
The S&P index recorded nine new 52-week highs and no new
low, while the Nasdaq recorded 63 new highs and no new low.