Stocks Jump as Jobs Data Seen Delaying Rate Hike

U.S. stocks rose on Monday as expectations that the Federal Reserve will push any interest rate increases further into the year offset concerns over Friday’s surprisingly weak jobs report. The Dow Jones industrial average rose 117.22 points, or 0.66%, to 17,880.85. The S&P 500 gained 13.66 points, or 0.66%, to 2,080.62. The Nasdaq Composite added 30.38 points, or 0.62%, to 4,917.32.

The expansion in the U.S. nonmanufacturing sector continued, but at a slightly slower pace last month, according to data released Monday by the Institute for Supply Management. The ISM’s nonmanufacturing purchasing managers index came in at 56.5 in March from 56.9 in February.

Oil prices jumped more than 5 percent on Monday. Brent May crude rose $3.17, or 5.77 percent, to settle at $58.12 a barrel, its biggest one-day percentage rise since surging 7.8 percent on Feb. 13.

Tesla reported strong vehicle sales in the first quarter on Friday. Tesla delivered 10,030 vehicles during the first quarter, beating previous guidance of 9500.