For third consecutive sessions, US stocks escalated on Tuesday as the S&P 500 finished at a record close, following an optimistic data on factory activity signaled economic growth was obtaining traction after a severe weather.
Gains were wide, with areas of the market tightly bounded to the pace of economic progression among the day’s leaders. Consumer discretionary stocks climbed 1.4% while technology shares rose 1.3%.
Among other groups, the PHLX housing sector index increased 1.6% and the Nasdaq biotechnology index gained 2.1%. The Dow Jones Transportation index accelerated 0.9% to a record. The Institute for Supply Management said its index of national factory activity went up 53.7 in March, its second straight monthly advance. But the report was below the median forecast of 54.0.
The ISM report was the latest to denote the improving economic conditions, giving faith to the theory the mild data earlier this year was because of weather and not softening fundamentals.
Ford Motor Co. leaped 4.6% to $16.32. US auto sales ascended more than anticipated in March, following two months when demand was restrained by weather.
General Motors Co. dived 0.2% to $34.34, although its March sales also exceeded forecasts. GM Chief Executive Mary Barra told a House Energy and Commerce subcommittee that the company retained Kenneth Feinberg as a consultant to measure possible reactions to families of those injured or killed in crashes that involved recalled cars.
Among tech names, Google Inc. went up 1.8% to $1,134.89 and Microsoft Corp. profited 1% to $41.42. Both were among the largest gains to the Nasdaq 100 index, which gained 1.7%. Cisco Systems. shares bounced on heavy volume, up 3.9% to $23.10 as the largest gainer on the Dow.
The Dow Jones industrial average ticked up 74.95 points or 0.46%, at 16,532.61. The Standard & Poor’s 500 Index inched up 13.18 points or 0.70%, at 1,885.52. The Nasdaq Composite Index went up 69.05 points or 1.64%, at 4,268.04.
The S&P 500 profited for three consecutive sessions, up around 2% over that period. Some 69% of stocks listed on the New York Stock Exchange ended higher on Tuesday while 72% of Nasdaq-listed shares closed up. Around 6.41 billion shares traded on all US platforms, based on BATS exchange data.
Financial data firm Markit said its U.S. Manufacturing Purchasing Managers Index slipped to 55.5 in March, unchanged from a preliminary reading, but the rate of growth and the pace of hiring remained strong.
Construction spending surged up 0.1% in February, restrained by a plunge in private residential projects.
The material has been provided by InstaForex Company – www.instaforex.com
For third consecutive sessions, US stocks escalated on Tuesday as the S&P 500 finished at a record close, following an optimistic data on factory activity signaled economic growth was obtaining traction after a severe weather.
Gains were wide, with areas of the market tightly bounded to the pace of economic progression among the day’s leaders. Consumer discretionary stocks climbed 1.4% while technology shares rose 1.3%.
Among other groups, the PHLX housing sector index increased 1.6% and the Nasdaq biotechnology index gained 2.1%. The Dow Jones Transportation index accelerated 0.9% to a record. The Institute for Supply Management said its index of national factory activity went up 53.7 in March, its second straight monthly advance. But the report was below the median forecast of 54.0.
The ISM report was the latest to denote the improving economic conditions, giving faith to the theory the mild data earlier this year was because of weather and not softening fundamentals.
Ford Motor Co. leaped 4.6% to $16.32. US auto sales ascended more than anticipated in March, following two months when demand was restrained by weather.
General Motors Co. dived 0.2% to $34.34, although its March sales also exceeded forecasts. GM Chief Executive Mary Barra told a House Energy and Commerce subcommittee that the company retained Kenneth Feinberg as a consultant to measure possible reactions to families of those injured or killed in crashes that involved recalled cars.
Among tech names, Google Inc. went up 1.8% to $1,134.89 and Microsoft Corp. profited 1% to $41.42. Both were among the largest gains to the Nasdaq 100 index, which gained 1.7%. Cisco Systems. shares bounced on heavy volume, up 3.9% to $23.10 as the largest gainer on the Dow.
The Dow Jones industrial average ticked up 74.95 points or 0.46%, at 16,532.61. The Standard & Poor’s 500 Index inched up 13.18 points or 0.70%, at 1,885.52. The Nasdaq Composite Index went up 69.05 points or 1.64%, at 4,268.04.
The S&P 500 profited for three consecutive sessions, up around 2% over that period. Some 69% of stocks listed on the New York Stock Exchange ended higher on Tuesday while 72% of Nasdaq-listed shares closed up. Around 6.41 billion shares traded on all US platforms, based on BATS exchange data.
Financial data firm Markit said its U.S. Manufacturing Purchasing Managers Index slipped to 55.5 in March, unchanged from a preliminary reading, but the rate of growth and the pace of hiring remained strong.
Construction spending surged up 0.1% in February, restrained by a plunge in private residential projects.
The material has been provided by InstaForex Company – www.instaforex.com