Stocks rose higher on Monday as U.S. economic recovery sentiment was boosted by Friday's stronger-than-expected jobs report for March. The Dow rose more than 370 points to a new record closing high, while the S&P 500 reached both an intraday and closing record high. The Nasdaq also jumped 1.7% as FAANG stocks continued to gain.

While markets were closed on Friday, the Labor Department reported that the U.S. economy had gained 916,000 payrolls in March, the highest since August 2020, while the unemployment rate fell to 6%.

Meanwhile the U.S. services sector soared to a record high in March, with the Institute for Supply Management's non-manufacturing activity index increase to a reading of 63.7. This new survey record rose from 55.3 in Feb, with readings above the neutral level of 50 indicating expansion.

Here's how the market settled to start the week:

S&P 500 Index (SPY  ): +1.44% or +58.03 points to 4,077.90

Dow Jones Industrial Average (DIA  ): +1.13% or +373.98 points to 33,527.19

Nasdaq Composite Index (QQQ  ): +1.67% or +225.49 points to 13,705.59

For Stocks, Tesla (TSLA  ) shares rose more than 4.4% following the EV maker's first quarter delivery numbers topping Street expectations. GameStop (GME  ) rebounded from double-digit losses earlier in the session and closed down about 2% after the video game retailer said it may sell up to $1 billion worth in stock. Carnival (CCL  ), Norwegian Cruise (NCLH  ) and Royal Caribbean (RCL  ) all rose after the U.S. Centers for Disease Control and Prevention updated its guidance for resuming sailing from U.S. ports.

For Sector Performance, almost every sector rose alongside the broader market on Monday, with only Energy (XLE  ) falling lower into negative territory. The lead session gainers were Consumer Discretionary (XLY  ), Communication Services (XLC  ), and Information Technology (XLK  ), each rising over 2%.

For Commodities and Currency, the U.S. Dollar (UUP  ) slipped to one-week lows against other global currencies on Monday as stocks rose and Treasury yields eased. The dollar index fell 0.4% to 92.59 in afternoon trading. Gold (GLD  ) prices declined on Monday as investors remained optimistic towards a speedy U.S. economic recovery, but the soft dollar limited the yellow metal's declines. Spot gold fell 0.1% to $1,727.64 per ounce, while U.S. gold futures settled with little changed at $1,728.80 per ounce. Crude oil futures plummeted more than 4% on Monday as rising oil supply from producers and higher output from Iran outweighed U.S. economic rebound optimism. International benchmark Brent Crude (BNO  ) for June decreased by 4.8% to $61.78 per barrel, while domestic index West Texas Intermediate (USO  ) for May settled 4.56% lower at $58.65 each.

For Tuesday, investors will be looking at data for job openings in February as they look ahead to the FOMC minutes from March later this week.