GLOBAL MARKETS-S&P 500 heads for record high, crypto market cap passes $2 tln

* Global asset performance http://tmsnrt.rs/2yaDPgn
* World FX rates http://tmsnrt.rs/2egbfVh

(Updates to afternoon trade)
By Stephen Culp
NEW YORK, April 5 (Reuters) - The S&P 500 and the Dow were
on track to notch new all-time closing highs on Monday as
surprisingly robust economic data stoked investor risk appetite,
while cryptocurrency market cap breached the $2 trillion hurdle.
Friday's employment report, which showed 916,000 jobs added
in March and the unemployment rate falling to 6%, driven by
vaccine deployment and stimulus, marked the beginning of what
could be the strongest yearly economic performance in decades.
"Today's action was set by Friday's employment report," said
Paul Nolte, portfolio manager at Kingsview Asset Management in
Chicago.
Enthusiasm over the jobs report was boosted on Monday by the
Institute for Supply Management's non-manufacturing PMI reading
hit an all-time high, showing the pandemic-battered services
sector expanded at a record pace in March, and providing further
evidence that the economic recovery was gaining momentum.
Still, economically sensitive cyclicals and small caps are
lagging.
"Its been a strange market over the past week or so," Nolte
added. "With better economic data you'd expect economically
sensitive stocks would be outperforming."
The rising stimulus tide is lifting all boats, Nolte
suggests.
"If you look at recent history, we've had everything rally
because of the flow of money come into financial markets," he
said.
The Dow Jones Industrial Average .DJI rose 394.12 points,
or 1.19%, to 33,547.33, the S&P 500 .SPX gained 60.12 points,
or 1.50%, to 4,079.99 and the Nasdaq Composite .IXIC added
235.25 points, or 1.75%, to 13,715.35.
The dollar dipped to a one-week low against a basket of
currencies as U.S. stocks rallied and as investors waited on the
next catalyst to drive direction. Cryptocurrency demand continues to grow, with market cap
hitting a record high of $2 trillion on Monday. The dollar index .DXY fell 0.46%, with the euro EUR= up
0.42% to $1.1811.
The Japanese yen strengthened 0.51% versus the greenback at
110.17 per dollar, while Sterling GBP= was last trading at
$1.3903, up 0.54% on the day.
European and Australian stock markets were closed in
observance of Easter Monday, while China's stock market was dark
in observance of Tomb Sweeping day.
MSCI's gauge of stocks across the globe .MIWD00000PUS
gained 1.01%.
Emerging market stocks rose 0.07%. MSCI's broadest index of
Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.04%
higher, while Japan's Nikkei .N225 rose 0.79%.
U.S. Treasury yields oscillated in choppy trading, and were
last off session highs reached in reaction to Friday's
blockbuster nonfarm payrolls report.
Benchmark 10-year notes US10YT=RR last rose 3/32 in price
to yield 1.7145%, from 1.72% late on Friday.
The 30-year bond US30YT=RR last rose 1/32 in price to
yield 2.3635%, from 2.37% late on Friday.
Oil prices fell as increasing OPEC+ supply and rising
Iranian output offset hopes for a demand rebound driven by
economic revival. U.S. crude CLcv1 settled at $58.65 per barrel, down 4.6%
on the day, while Brent LCOcv1 shed 4.18% to end at $62.15 per
barrel.
Gold prices edged lower as the safe-haven metal's luster was
dimmed by rising global equity prices. Spot gold XAU= dropped 0.1% to $1,726.67 an ounce. U.S.
gold futures GCv1 settled little changed at $1,728.80.

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