US stocks pushed to new record highs Tuesday, bolstered by solid US manufacturing orders and strong results from US automakers. The Dow Jones Industrial Average closed at an all-time record high of 14,662.01, up 89.16 (0.61 percent). The broad-based S&P 500 also reached a new record, gaining 8.08 (0.52 percent) at 1,570.25.
The tech-rich Nasdaq Composite Index added 15.69 (0.48 percent) at 3,254.86. The rally followed a US Department of Commerce report that showed new orders for manufactured goods rose 3.0 percent in February, topping expectations of a 2.6 percent increase.
General Motors, Ford and Chrysler reported their best US monthly sales performances since 2007. GM cited "a strengthening economy and new products" as factors behind the result. GM gained 0.5 percent, while Ford added 0.9 percent. Oil refiners took a beating after Valero said new US environmental regulations would cost the company hundreds of millions of dollars. Valero dropped 5.7 percent. Marathon Petroleum slid 4.9 percent and Phillips 66 lost 3.5 percent.
Health-care equities rose after the Centers for Medicare and Medicaid Services announced it would increase payments under the Medicare Advantage program by 3.3 percent in 2014 instead of cutting payments as previously expected. Dow component UnitedHealth Group Inc jumped 4.7 percent, Humana put on 5.5 percent, Aetna added 3.7 percent, WellPoint rose 1.5 percent and Cigna climbed 2.9 percent.