Wall Street has seen an impressive start to the second quarter of 2021. The S&P 500 rose 0.4%, seeing its second consecutive record close on April 8. Notably, the tech-heavy Nasdaq Composite index also jumped 1% on the same day. The upside can be largely attributed to strength in some major tech players like Apple AAPL, Netflix NFLX and Microsoft MSFT, all of which surged more than 1%. The Dow Jones Industrial Average also inched up 0.2%.

There are several factors which are instilling optimism in the U.S. market. The first and foremost is the accelerated coronavirus vaccine rollout that has induced hopes of faster U.S. economic reopening of non-essential businesses and return to normalcy. Adding to the optimism, President Joe Biden now aims at distribution of 200 million coronavirus vaccines within his first 100 days since joining office, per a CNBC article.

The Fed’s continued dovish stance is also increasing chances of faster U.S. economic growth recovery from the coronavirus pandemic-led slowdown. The central bank has decided to maintain rates near zero until 2023, at least. Moreover, the central bank has raised its economic growth outlook considering the vaccine and stimulus optimism and it also expects higher inflation this year. The Fed has lifted its forecast for GDP growth to 6.5% in 2021 from 4.2% stated in December 2020. It has also raised the economic growth forecast from 3.2% to 3.3% for 2022. Moreover, growth is likely to cool down in 2023 to 2.2%. The Fed has predicted the longer-run growth measure at 2.3%. Importantly, the Fed predicts unemployment to decline to 4.5% from 6.2% at present.

The series of latest economic data are also painting a rosy picture. In this regard, the recently-released robust job and manufacturing data boosted market participants' confidence. The Department of Labor reported that the U.S. economy added 916,000 nonfarm jobs in March compared with an upwardly revised 468,000 in February. The consensus estimate stood at 657,000. March's job addition was the highest since August 2020. The unemployment rate slid to 6% last month from 6.2% in February.

Also, the Institute of Supply Management (ISM) reported that its manufacturing Purchasing Managers' Index (PMI) for March rose to 64.7% from 60.8% in February, marking the highest reading since December 1983 and the 10th consecutive month of growth.

An unprecedented fiscal stimulus is also painting a rosy picture for small-cap companies. Biden has signed the $1.9-trillion coronavirus relief package, also known as the American Rescue Plan Act of 2021, into law.  It is also worth noting here that, on March 31, Biden unveiled his $2.3-trillion infrastructure development plan that focuses on improving American infrastructure. The proposal includes funds for restoring roads and bridges, shoring up affordable housing, backing clean-energy projects, and creating a nationwide broadband network. This will create millions of jobs, resulting in solid hiring in the coming months and benefit sectors like basic materials, industrials and utilities.

Highlighting optimism on the U.S. economy, Jamie Dimon, Chief Executive Officer at JPMorgan Chase & Co (JPM), has said that "I have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE (quantitative easing), a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom. This boom could easily run into 2023 because all the spending could extend well into 2023," per a YahooFinance article.

Growth ETFs to Ride the Tide

Given the bullishness, investors seeking to capitalize on the strong trends should consider growth ETFs. However, it is worth noting that these funds offer exposure to stocks with growth characteristics that have comparatively higher P/B, P/S and P/E ratios and exhibit a higher degree of volatility when compared to value stocks. Below, we highlight a few growth ETFs that could be added to the portfolio.

Invesco Dynamic Large Cap Growth ETF PWB

The fund is based on the Dynamic Large Cap Growth Intellidex Index. It charges an expense ratio of 0.56%. PWB carries a Zacks ETF Rank #1 (Strong Buy), with a Medium-risk outlook.

SPDR Portfolio S&P 500 Growth ETF SPYG

The fund seeks to provide investment results that, before fees and expenses, correspond generally to the total return performance of the S&P 500 Growth Index. It charges an expense ratio of 0.04%. SPYG carries a Zacks ETF Rank #1, with a Medium-risk outlook (read: 6 Keys to a Healthy ETF Portfolio).

iShares S&P 500 Growth ETF IVW

The fund provides exposure to large U.S. companies whose earnings are expected to grow at an above-average rate relative to the market. It charges an expense ratio of 0.18%. IVW carries a Zacks ETF Rank #1, with a Medium-risk outlook.

Schwab U.S. Large-Cap Growth ETF SCHG

The fund’s goal is to track as closely as possible, before fees and expenses, the total return of the Dow Jones U.S. Large-Cap Growth Total Stock Market Index. It charges an expense ratio of 0.04%. SCHG carries a Zacks ETF Rank #1, with a Medium-risk outlook (read: ETF Areas That Are Looking Attractive in April).

Vanguard S&P 500 Growth ETF VOOG

The fund seeks to track the performance of the S&P 500 Growth Index. It charges an expense ratio of 0.10%. VOOG carries a Zacks ETF Rank #1, with a Medium-risk outlook.