The S&P 500 hit a record high on Tuesday after data showing US manufacturing accelerated even if at a slightly slower rate, and as China's factory sector expanded in June for the first time in six months. The pace of growth in the US manufacturing sector slowed slightly in June but new orders accelerated to a six-month high, while Chinese manufacturing expanded last month for the first time since December.
Other data showed Detroit automakers topped expectations for US June sales. "We got kind of decent numbers in China and ISM manufacturing looked pretty good, in the range of what was expected," said Kim Forrest, senior equity research analyst at Fort Pitt Capital Group in Pittsburgh. "The slowdown we experienced in the first quarter isn't continuing so investors are happy to buy today." The Dow Jones industrial average rose 106.19 points or 0.63 percent, to 16,932.79, the S&P 500 gained 10.2 points or 0.52 percent, to 1,970.43 and the Nasdaq Composite added 44.27 points or 1 percent, to 4,452.45.
Twitter shares jumped 4.3 percent to $42.73 as former managing director in Goldman Sachs' technology, media and telecom investment banking will become the company's new chief financial officer while current CFO Mike Gupta will become senior vice president of strategic investments. Amicus Therapeutics shares rose 19.2 percent to $3.98 after it said it was on track to report data from a late-stage trial of a genetic disorder drug, triggering speculation the data will be positive. The stock was upgraded by both Janney Montgomery Scott and Leerink Swann. Other research notes also affected stocks. Urban Outfitters fell 2.3 percent to $33.09 after a downgrade at Wedbush, and Netflix hit a record high of $465.47 after being upgraded at Goldman Sachs. It was up 5.4 percent at $464.45.
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