Auto Sales Help Push Stocks to Positive Territory
(NEW YORK) — Strong figures for auto sales and factory orders drove the markets into record territory again.
The Dow Jones Industrial Average Tuesday closed up 89.16 points, or 0.61 percent, at an all-time high of 14,662.01. The Nasdaq Composite added 15.69, or 0.48 percent, for the session to close at 3,254.86. The S&P 500 gained 8.08 points, or 0.52 percent, for another record close of 1,570.25.
Traders also put more money back into European stocks as the financial situation in Cyprus appears to stabilize.
March is turning out to the best month for auto sales in more than five years. Ford’s March numbers accelerated six percent. Sales of the company’s newest models, the Fusion and the Escape, set all-time-high monthly sales records. Chysler’s sales rose five percent, while General Motors and Nissan are also reporting increases.
Low interest rates and an improving employment picture and flashy vehicles are luring new buyers.
Factory orders rose sharply in February. A surge in demand for commercial aircraft resulted in an increase of three percent, the best showing in five months.
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