US STOCKS-S&P 500, Dow extend rally on hopes of swift economic rebound

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window)
* Financial, industrial stocks outperform
* Energy stocks soar as OPEC+ extends oil output cut
* Airlines, cruise operators jump
* Indexes: Dow up 0.94%, S&P rises 0.29%, Nasdaq dips 0.21%

(Updates to open)
By Devik Jain and Medha Singh
June 8 (Reuters) - Wall Street's major indexes rose on
Monday, building on last week's sharp gains after a surprisingly
upbeat jobs report raised bets of a swift recovery from a
coronavirus-driven downturn.
Among the leading gainers on the S&P 500 were shares of
cruise line operators Carnival Corp CCL.N and Norwegian Cruise
Line Holdings Ltd NCLH.N , up 12% and 13.5%, respectively. The
S&P 1500 airlines index .SPCOMAIR jumped 6.8%.
Planemaker Boeing Co BA.N advanced 11.4%, adding to its
40% surge last week.
Aiding sentiment, major oil producers agreed to extend a
deal on record output cuts over the weekend. The energy sector
.SPNY climbed 3.6%, the most among the 11 major S&P sectors.
O/R
Other cyclical sectors including financials .SPSY , and
industrials .SPLRCI , as well as consumer discretionary
.SPLRCD provided the biggest boost to the benchmark index.
The tech-heavy Nasdaq .IXIC , however, dipped on Monday,
after hitting an intraday record high in the previous session as
data showed the unemployment rate in May unexpectedly fell.
"Most likely, May will have marked the peak of massive job
losses," Magdy El Mihdawy, senior strategist at Cantor
Fitzgerald said in a note. "While the recovery in jobs will
likely take several years, the market is only focused on the
trough."
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 hit on March 23.
The S&P 500 is now about 1% away from recouping all of its
losses this year.
The focus this week will be on the Federal Reserve's two-day
policy meeting, ending on Wednesday, where the jobs report is
expected to 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. At 10:04 a.m. ET, the Dow Jones Industrial Average .DJI
was up 254.55 points, or 0.94%, at 27,365.53, the S&P 500 .SPX
was up 9.33 points, or 0.29%, at 3,203.26. The Nasdaq Composite
.IXIC was down 20.15 points, or 0.21%, at 9,793.93.
Electric carmaker Tesla Inc TSLA.O rose 1.4% 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 4.09-to-1 ratio
on the NYSE and a 2.50-to-1 ratio on the Nasdaq.
The S&P index recorded six new 52-week highs and no new low,
while the Nasdaq recorded 44 new highs and no new low.