Stock futures were higher early Monday as investors reacted to a strong bounce in U.S. job growth last month amid accelerating vaccine rollout.
Futures for the Dow Jones Industrials pumped higher 222 points, or 0.7%, to 33,259.
Futures for the S&P 500 vaulted 21.5 points or 0.5%, to 4,031.50.
Futures for the NASDAQ Composite index skyrocketed 56.5 points, or 0.4%, to 13,372 Monday.
The U.S. Labor Department reported Friday that non-farm payrolls increased by 916,000 in March, the highest since last August, while the unemployment rate fell to 6%. Economists surveyed by Dow Jones were expecting an increase of 675,000 and a jobless rate of 6%.
Last week’s strength came after President Joe Biden introduced his multitrillion-dollar infrastructure proposal, which focuses on rebuilding roads, bridges and airports, expanding broadband access and boosting electric vehicle use and updating the country’s electric grid. The plan will be funded partly by a hike in the corporate tax rate to 28%.
However, the plan faces opposition among Republicans as the $2-trillion plan includes initiatives that they say extend beyond traditional infrastructure issues.
On the pandemic front, the U.S. reported another daily record of new COVID vaccinations Saturday, pushing the weekly average of new shots per day above three million.
Overseas, in Japan, the Nikkei 225 gained 0.8% Monday, while in Hong Kong, markets were shuttered for holiday.
Oil prices backed off $1.54 to $59.91 U.S. a barrel.
Gold prices gave up three dollars to $1725.40 U.S.