US STOCKS-Wall St marches higher on hopes of swift economic rebound

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* Financial, industrial stocks outperform
* Energy stocks soar as OPEC+ extends oil output cut
* Airlines, cruise operators jump
* Indexes: Dow 1.09%, S&P 0.53%, Nasdaq 0.34%

(Adds quote, details; Updates prices)
By Devik Jain and Medha Singh
June 8 (Reuters) - Wall Street's main 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.
Beaten-down shares of cruise operators Carnival Corp CCL.N
and Norwegian Cruise Line Holdings Ltd NCLH.N continued to
recover and rose 13.1% and 11.4%, respectively. The S&P 1500
airlines index .SPCOMAIR jumped 5.7%.
Planemaker Boeing Co BA.N gained 13%, extending 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 2.4%, 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 closed within striking
distance of an all-time closing high in the previous session
after a closely-watched monthly jobs report showed an unexpected
fall in unemployment rate.
"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 less than 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 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.
At 11:27 a.m. ET, the Dow Jones Industrial Average .DJI
was up 296.53 points, or 1.09%, at 27,407.51, the S&P 500 .SPX
was up 17.01 points, or 0.53%, at 3,210.94. The Nasdaq Composite
.IXIC was up 32.93 points, or 0.34%, at 9,847.01.
Electric carmaker Tesla Inc TSLA.O rose 4.9% after China
sales of Shanghai-made Model 3 vehicles more than tripled in
May, compared with the previous month. Stay-at-home stocks such as Netflix Inc NFLX.O , video
conferencing platform Zoom Video Communications Inc ZM.O and
trade and workplace messaging platform Slack Technologies Inc
WORK.N fell between 1.9% and 4.0% after surging during the
coronavirus-led lockdowns.
Advancing issues outnumbered decliners for a 3.98-to-1 ratio
on the NYSE and a 2.90-to-1 ratio on the Nasdaq.
The S&P index recorded nine new 52-week highs and no new
low, while the Nasdaq recorded 58 new highs and no new low.