New signs of life in the U.S. manufacturing sector helped push the stock market to a record high Tuesday.
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 continued to rev up following the severe winter weather earlier this year. Separately, the Commerce Department said construction spending rose by 0.1 percent in February, after falling 0.2 percent in January.
Both reports were the latest signs that the U.S. economy was beginning to thaw following a difficult winter.
The Dow Jones industrial average rose 74.95 points, or 0.5 percent, to 16,532.61.
The Standard & Poor’s 500 index added 13.18 points, or 0.7 percent, to 1,885.52
The Nasdaq composite rose 69.05 points, or 1.6 percent, to 4,268.04.
For the week:
The Dow is up 209.55 points, or 1.3 percent.
The S&P 500 has risen 27.90 points, or 1.5 percent.
The Nasdaq is up 112.28 points, or 2.7 percent.
For the year:
The Dow Jones industrial average is down 44.05 points, or 0.3 percent.
The Standard & Poor’s 500 index is up 37.16 points, or 2 percent.
The Nasdaq composite is up 91.45 points, or 2.2 percent.