US STOCKS-S&P 500, Dow at all-time highs after strong jobs data

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* GameStop drops on $1 bln share sale plan
* Tesla jumps after posting record deliveries
* Small-cap Russell 2000 set to open sharply higher
* Indexes up: Dow 0.91%, S&P 0.85%, Nasdaq 0.82%

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By Medha Singh and Shivani Kumaresan
April 5 (Reuters) - The S&P 500 and the Dow hit record highs
on Monday as investors cheered strong jobs data and looked for a
report on the services sector with signals that 2021 could see
the best annual economic growth in nearly four decades.
An ISM survey for March is likely to show a jump in activity
in the services sector, which accounts for more than two-thirds
of U.S. economic activity. The data is due at 10 a.m. ET (1400
GMT).
The domestically focused small-cap Russell 2000 index .RUT
rose 0.6% as Friday's report showed U.S. nonfarm payrolls surged
by 916,000 jobs in March, well above 647,000 forecast by a
Reuters poll of economists. "If you had said a year ago that we would be where we are
now, no one would have believed you," said Thomas Hayes,
chairman, Great Hill Capital LLC, New York.
"On the one hand, you have concerns about potential
(interest) rate rise sooner than promised. At the same time,
there is starting to be a little understanding that perhaps
earnings estimates are too low."
Ten of the 11 major S&P sectors rose, with consumer
discretionary .SPLRCD , industrials .SPLRCI , financials
.SPSY and communication services .SPLRCL leading gains.
Energy .SPNY dropped, tracking a fall in oil prices as
producers decided to increase output. O/R
With speedy vaccinations and additional government stimulus
helping the S&P 500 and the Dow clinch all-time highs, investors
will now look to progress on a massive infrastructure plan and
the upcoming corporate earnings season for insight on the
sustainability of the rally. The Nasdaq is still about 5% below its record peak from
February as high-growth tech stocks attempted to recover from a
pullback after a spike in bond yields.
At 9:42 a.m. ET, the Dow Jones Industrial Average .DJI was
up 303.10 points, or 0.91%, at 33,456.31, the S&P 500 .SPX was
up 34.30 points, or 0.85%, at 4,054.17, and the Nasdaq Composite
.IXIC was up 110.71 points, or 0.82%, at 13,590.81.
U.S. Treasury Secretary Janet Yellen on Monday will call for
a global minimum corporate tax rate, in a speech to the Chicago
Council on Global Affairs, according to a report by news website
Axios. Tesla Inc TSLA.O shares surged 6% after the world's most
valuable automaker posted record deliveries. GameStop Corp's GME.N shares tumbled 13% after the video
game retailer said it may sell up to $1 billion worth of stock
as it takes advantage of a dizzying rally in its shares this
year on the back of a Reddit-driven retail trading frenzy.
Advancing issues outnumbered decliners by a 2.64-to-1 ratio
on the NYSE and a 1.87-to-1 ratio on the Nasdaq.
The S&P index recorded 63 new 52-week highs and no new low,
while the Nasdaq recorded 97 new highs and two new lows.