Dec 2 (Reuters) - The S&P 500 and the Nasdaq gained on Monday, with the benchmark index briefly hitting an all-time high boosted by technology stocks, while investor focus remained on a slew of economic data this week.
The week's centerpiece would be the November nonfarm payrolls report due on Friday, a key metric in also gauging the state of the labor market.
Jay Woods, chief global strategist at Freedom Capital Markets, noted that an in-line reading should keep the Federal Reserve on track to cut interest rates by 25-basis-points when it meets later this month.
"Last week, (the Fed) shook off (inflation) numbers that were in line with analyst expectations, so that no landing is in play because they're not getting to the 2% goal on inflation, yet unemployment remains historically low."
An October jobs opening reading is slated to be released on Tuesday, while November private payrolls data is due on Wednesday.
On the day, data from the Institute for Supply Management (ISM) showed U.S. manufacturing activity improved in November, while the final reading of the S&P manufacturing survey was revised upwards to 49.7, compared to a previous reading of 48.8.
At 11:30 a.m. ET, the Dow Jones Industrial Average (.DJI), fell 102.81 points, or 0.23%, to 44,807.84, the S&P 500 (.SPX), gained 11.19 points, or 0.19%, to 6,043.57 and the Nasdaq Composite (.IXIC), gained 162.49 points, or 0.85%, to 19,380.43.
Most megacap and growth stocks were higher with Tesla (TSLA.O), leading gains, up 2.2%, after Stifel raised its target price on the stock to $411 from $287.
Although eight of the 11 major S&P sectors were trading lower, an about 1% advance each in information technology (.SPLRCT), opens new tab, consumer discretionary (.SPLRCD), and communication services (.SPLRCL), kept the benchmark index in the green.
The S&P 500 (.SPX), and the blue-chip Dow (.DJI), recorded their best month in a year, capping off a stellar November for U.S. equities.
Republican candidate Donald Trump recapturing the White House along with his party sweeping both houses of Congress has been the latest tailwind for equities.
Analysts expect Trump's policies on tax cuts, tariffs and deregulation could spur greater corporate performance. However, concerns persisted that his policies could bump up inflation and cause the Fed to slow its rate easing cycle.
The week is also packed with data that could indicate how the economy is faring, including multiple surveys of economic activity for the last month.
Numerous Fed speakers will also make public appearances this week including Fed Chair Jerome Powell. Comments from Fed Governor Christopher Waller and New York Fed President John Williams would be on the radar later in the day.
Among other movers, Intel (INTC.O), gained 5.1% after the chipmaker announced CEO Pat Gelsinger's retirement. The broader semiconductor index (.SOX), was up 2.5%.
Super Micro Computer (SMCI.O), jumped nearly 25% after the AI server maker begun its search for a new finance chief based on recommendations made by a special committee formed to look into the company's accounting practices.
Declining issues outnumbered advancers by a 1.43-to-1 ratio on the NYSE and by a 1.1-to-1 ratio on the Nasdaq.
The S&P 500 posted 14 new 52-week highs and two new lows, while the Nasdaq Composite recorded 89 new highs and 46 new lows.
Reporting by Shashwat Chauhan and Purvi Agarwal in Bengaluru; Editing by Maju Samuel
