Stocks rose the most in two months on Tuesday, with the Dow Jones industrial average closing above 12,000, as American and Chinese manufacturing expanded.
The Dow Jones industrial average closed up 148.23 points, or 1.25%, at 12,040.16, its highest closing level since June 2008. The S&P 500 rose 21.47 points, or 1.67%, closing at 1,307.59; and the Nasdaq composite was up 51.11, or 1.89%, to close at 2,751.19. All numbers are preliminary.
The Dow has surpassed 12,000 four times in intraday trading the past week, and the S&P 500 topped 1,300 three times. The last time the S&P 500 closed above 1,300 was in August 2008.
Shares extended gains Tuesday after the Institute for Supply Management's factory index increased to 60.8 in January, beating the median economist projection of 58, and China's manufacturing expanded last month, according to data from the country's logistics federation and a purchasing managers' index from HSBC Holdings and Markit Economics.