US STOCKS-Wall St jumps on strong services sector, hopes of China recovery

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* Amazon tops $3,000 mark for the first time
* ISM non-manufacturing index jumps to highest since Feb
* Uber jumps on deal to buy food-delivery app Postmates

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By Caroline Valetkevitch
July 6 (Reuters) - U.S. stocks rose sharply on Monday as a
rebound in U.S. services industry activity in June and
expectations of a revival in China's economy boosted optimism,
helping investors look past a surge in new coronavirus cases in
the United States.
A non-manufacturing activity index jumped to a reading of
57.1 last month, the highest since February, from 45.4 in May,
according to a report from the Institute for Supply Management
(ISM). "These numbers are important, and it helps to explain the
increase in consumer confidence," said Quincy Krosby, chief
market strategist at Prudential Financial in Newark, New Jersey.
Investors also bet on an improving Chinese economy and its
impact on the global growth as the yuan led commodity currencies
higher against the dollar. Earlier, Chinese stocks jumped more
than 5%. A slew of upbeat U.S. data recently, including a record rise
in monthly payrolls, has powered the Nasdaq to all-time highs
and has driven the S&P 500 up roughly 44% from its March bottom.
The gains came despite a record surge in new COVID-19 cases
in 16 states in the United States this month that could further
hamper reopening plans and create a risk to the economic
recovery.
Over the Independence Day weekend, several states reported a
record increase in new infections, with Florida surpassing the
highest daily tally reported by any European country during the
peak of the outbreak there. Unofficially, the Dow Jones Industrial Average .DJI rose
459.47 points, or 1.78%, to 26,286.83, the S&P 500 .SPX gained
49.66 points, or 1.59%, to 3,179.67 and the Nasdaq Composite
.IXIC added 226.02 points, or 2.21%, to 10,433.65.
Online retail giant Amazon.com AMZN.O crossed $3,000 for
the first time and provided the biggest boost to the S&P 500 and
the Nasdaq.
Tesla Inc TSLA.O shares also jumped, rising for the fifth
session as JPMorgan bumped up its price target for the electric
carmaker's stock following better-than-expected quarterly
deliveries. Uber Technologies Inc UBER.N climbed after the
ride-sharing company agreed to buy food-delivery app Postmates
Inc in a $2.65-billion all-stock deal.