The Dow Jones industrial average climbed within two points of 17,000 for the first time after separate surveys showed that manufacturing expanded in the world's two largest economies. In
"The economic news, by and large, isn't bad here," said
The Standard & Poor's 500 index rose 13.09 points, or 0.7 per cent, to 1,973.32. The Dow Jones industrial average gained 129.47 points, or 0.8 per cent, to 16,956.07. The index climbed as high as 16,998.70 in early afternoon trading before falling back slightly.
The Nasdaq composite rose 50.47, or 1.1 per cent, to 4,458.65.
Stocks climbed from the open after
Gains for the stock market were broad and nine of the 10 industry sectors that make up the S&P 500 rose on Tuesday. Utilities were the only sector to fall.
Health care stocks logged the biggest advance. The gains being led by Regeneron. The drug maker rose
The Standard & Poor's 500 index has now gained 6.8 per cent this year, after jumping almost 30 per cent a year ago. While stocks are no longer cheap after their recent gains, they are still a compelling investment compared to buying bonds or holding cash with interest rates close to zero, said
"In the long run market prices are dictated by the fundamentals," said
Government bonds prices fell. The yield on the 10-year Treasury note climbed to 2.56 per cent from 2.53 per cent late Monday. Bond prices have risen this year, pushing interest rates lower, even as the Federal Reserve has reduced its economic stimulus and the economy has improved.
Among other stocks making big moves:
— GM gained
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