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* Energy stocks soar as OPEC+ extends oil output cut
* Airlines, cruise operators jump
* Indexes up: Dow 1.2%, S&P 500 0.8%, Nasdaq 0.8%
(Updates to late afternoon)
By Caroline Valetkevitch
June 8 (Reuters) - U.S. stocks rose on Monday with the
Nasdaq hitting a new intraday high after a surprisingly upbeat
jobs report last week raised expectations of a swift recovery
from a coronavirus-driven downturn.
If the Nasdaq closes at an all-time high above 9,817.18 set
on Feb. 19, 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. It hit an intraday high of 9896.978 on Monday.
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.
"With the U.S. economy continuing to open and with New York
City beginning an important reopening, the market is absorbing
that, and what's important is without a significant uptick in
virus-related hopitalizations or deaths, the consumer is
becoming increasingly optimistic," said Quincy Krosby, chief
market strategist at Prudential Financial in Newark, New Jersey.
The energy sector .SPNY 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.
Beaten-down shares of cruise operators Carnival Corp CCL.N
and Norwegian Cruise Line Holdings Ltd NCLH.N continued to
recover. The S&P 1500 airlines index .SPCOMAIR jumped more
than 6%.
Planemaker Boeing Co BA.N also jumped, extending its
recent surge.
The Dow Jones Industrial Average .DJI rose 324.75 points,
or 1.2%, to 27,435.73, the S&P 500 .SPX gained 25.36 points,
or 0.79%, to 3,219.29 and the Nasdaq Composite .IXIC added
75.14 points, or 0.77%, to 9,889.23.
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. Advancing issues outnumbered declining ones on the NYSE by a
3.95-to-1 ratio; on Nasdaq, a 2.81-to-1 ratio favored advancers.
The S&P 500 posted 17 new 52-week highs and no new lows; the
Nasdaq Composite recorded 76 new highs and no new lows.