Stocks Climb with Favorable Manufacturing Reports
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Stock/Thinkstock(NEW YORK) — New signs of life in the manufacturing sector pushed the markets higher Tuesday.
The Dow Jones Industrial Average closed up 75 points to finish Tuesday trading at 16,532.61. The Nasdaq Composite rose 69 points, closing the day at 4,268.04. The S&P 500 added 13 points and closed at 1,885.52.
The Institute for Supply Management’s manufacturing index rose to 53.7 in March, up from 53.2 in February, as the nation’s factories revved up following the rough winter.
March was a good month for most carmakers. Chrysler’s sales rose 13 percent, driven by demand for the new Jeep Cherokee and the Dodge Ram pickup. Suburu’s sales jumped 21 percent, while Ford, Nissan and Toyota’s sales also rose. Volkswagen and Hyundai, however, did not see a sales jump.
General Motors stock was up slightly during after-hours trading. CEO Mary Barra testified to a house panel Tuesday about faulty ignition switches linked to 13 deaths.
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