NEW YORK -- Evidence that global manufacturing is expanding pushed the stock market to an all-time high on Tuesday.
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 China, manufacturing grew in June for the first time in six months and in the U.S. the sector notched its 13th straight month of expansion.
General Motors climbed the most in almost a month after reporting that its U.S. sales rose 1 percent in June despite a record-setting string of safety recalls. Netflix jumped after analysts at Goldman Sachs raised their outlook on the stock, predicting the company will benefit from its international expansion.
"The economic news, by and large, isn’t bad here," said Phil Orlando, chief equity strategist at Federated Investors. "Maybe investors are starting to think that this thing is going to grind higher."