On Tuesday, a much better outlook for worldwide manufacturing forced the US stock market up to achieve an all-time high.
Just after surveys indicated increased manufacturing in US and China, the two biggest economies of the world, the Dow Jones industrial average, for the first time, increased within two points 17,000. In China, manufacturing increased last month for the first time in last six months, while in US, the manufacturing sector grew now for the 13th straight month.
General Motors increased the most within a month. The company said that its sales in US rose 1% last month despite a record-high safety recalls. Moreover, Netlfix increased after some analysts associated with Goldman Sachs increased their viewpoint on the stock, and predicted that the company will gain from its global expansion.
Phil Orlando, the chief equity strategist at Federated Investors, said, “The economic news, by and large, isn’t bad here. Maybe investors are starting to think that this thing is going to grind higher.”
Furthermore, the Standard & Poor’s 500 index increased 13.09 points (0.7%), to 1,973.32. Also, the Dow earned 129.47 points (0.8%), at 16,956.07. Moreover, the index moved up as high as 16,998.70 in the early afternoon trading hours, before decreasing slightly. However, both indexes were closed at record highs.
Also, the Nasdaq composite increased 50.47 (1.1%), to 4,458.65.