Stocks vault higher as Nasdaq hits record on economy hopes

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NEW YORK (AP) — Stocks scrambled even higher Monday on Wall Street’s enthusiasm about the reopening economy, and the Nasdaq composite set a record.

The S&P 500 rose 1.2% and is back within 4.5% of its own record as optimism strengthens that the worst of the recession may have already passed.

Stocks that would benefit most from an economy that’s growing again rose the most, including smaller companies and airlines.

Last week’s surprisingly encouraging report on the jobs market is bolstering hopes that the economy can recover from its recession more quickly than forecast.

Economists said Monday that the recession officially began in February.

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