Stocks today were buoyed by positive economic news, with the S&P 500 crossing the 1,000 mark for the first time since the day Barack Obama was elected president.
The S&P 500 rose 15.15, or 1.53%, closing at 1,002.63. The last time the index closed above 1,000 was Nov. 4 — Election Day — when it closed at 1,005.75.
The Dow Jones industrial average closed up 114.95, or 1.25%, at 9,286.56; and the Nasdaq composite was up 30.11, or 1.52%, to close at 2,008.61 — the first time that index closed above 2,000 since Oct. 1, when it closed at 2,069.40. All numbers are preliminary.
Today’s gains were broad-based, with improved manufacturing data and rising commodity prices helping to lift energy and material stocks, while stronger earnings reports from European banks like Barclays lifted shares of financial companies.
The Institute for Supply Management said its manufacturing index rose to 48.9 from 44.8 in June. A reading above 50 indicates growth.
Meanwhile, the Commerce Department reported a jump in residential building during June that lifted overall construction spending for the second time in three months. Analysts had expected a 0.5% drop.
Barclays said its first-half net profit increased 10% on stronger earnings from its investment banking division.