S&P/ASX 200 jumps 1.1% after Dow, S&P 500 in the US close at record

S&P/ASX 200 (INDEXASX:XJO) has gained 1.1% to 6,847.7 by 1.52 pm following further improvements in the US overnight with the Dow Jones and S&P 500 rallying to record highs on growing optimism over the re-opening of the US economy. Locally, gains have been broad based with nearly all sectors lifting. Technology, healthcare and utilities were among the best performers. “Corporate profit margins could absorb an increase in labour costs” The Reserve Bank board’s March 2021 monetary policy meeting noted there is substantial spare capacity in labour markets that is keeping inflation bolted to the floor. RBA’s monetary policy meeting minutes stated: “The international experience prior to the pandemic had underscored that a sustained period of tightness in labour markets would be needed in order to generate increases in wages growth, and, even then, would put only limited upward pressure on consumer price inflation “Even if wages growth did pick up, it was also possible that corporate profit margins in some economies could absorb an increase in labour costs before firms passed such costs through to final consumer prices.” Top gainers Today’s top gainers on the ASX include Arrow Minerals Ltd (ASX:AMD) (+12.50%), Australian Vanadium Ltd (ASX:AVL) (+20.00%), Euro Manganese Inc CDI (ASX:EMN) (+13.11%), Kingston Resources Ltd (ASX:KSN) (+11.36%) and Triangle Energy (Global) Ltd (ASX:TEG) (+18.52%). Proactive news headlines: Brookside Energy’s acquisition of drilling JV wells and reserves in STACK Play will boost production Brookside Energy Ltd (ASX:BRK) (OTCMKTS:RDFEF) is enhancing its strong position in the world-class Anadarko Basin of Oklahoma by purchasing the well-bore interests and associated PDP reserves that are subject to its Drilling Joint Venture in the STACK Play. Cipherpoint signs sales and purchase agreement to complete Brace168 acquisition after successful due diligence Cipherpoint Ltd (ASX:CPT) has signed a sales and purchase agreement to acquire Brace168 Pty Ltd following the satisfactory completion of due diligence. Galileo Mining intersects heavily disseminated sulphide in completed diamond drilling at Lantern South in Fraser Range project Galileo Mining Ltd (ASX:GAL) has completed diamond drilling at Lantern South prospect of the Fraser Range Project in WA with zones of heavily disseminated sulphide intersected from 110.5 metres to 111.35 metres and 169 metres to 171.3 metres. Fe Ltd signs letter of intent with contractor Big Yellow as West Wiluna JWD Iron Ore Project nears production Fe Ltd (ASX:FEL) (FRA:B4T) has signalled its intention to appoint emerging mining contractor Big Yellow as mining contractor for the West Wiluna JWD Iron Ore project in WA, which is approaching production. Piedmont Lithium launches DFS for integrated lithium hydroxide project in North Carolina, to lower carbon footprint and improve economics Piedmont Lithium Ltd (ASX:PLL) (OTCMKTS:PDDTF) (FRA:PL4) has kicked off its definitive feasibility study (DFS) for its integrated North Carolina lithium hydroxide operations which will include Metso Outotec’s innovative alkaline pressure leach technology aimed at lowering the carbon footprint and improve economics. European Lithium’s Wolfsberg drilling campaign advances on target and below budget European Lithium Ltd (ASX:EUR) (FRA:PF8) (VSE:ELI) has progressed its Phase 2 resource drilling program at the Wolfsberg Lithium Project in Austria, with the program on target and currently below budgetary expectations. Miramar Resources re-starts drilling at Gidji JV Project in Western Australia’s Goldfields Miramar Resources Ltd (ASX:M2R) has restarted drilling at its 80%-owned Gidji Joint Venture Project, around 15 kilometres north of Kalgoorlie in Western Australian Eastern Goldfields. Bellevue Gold’s strong Marceline discovery gold results to underpin stage two feasibility study for Bellevue Project Bellevue Gold Ltd’s (ASX:BGL) (OTCMKTS:BELGF) has received further strong drilling results from the recent Marceline discovery at its Bellevue Gold Project in WA, extending the known strike length to 500 metres and this remains open.