U.S. stocks jumped on Tuesday as Wall Street started the second half of the year with the Dow rising to within two points of 17,000, as data showed expansion in U.S. manufacturing and better-than-expected sales for major U.S. automakers.
“The message continues to be, we had a really rough first quarter, and the second quarter is going to be better,” said Andres Garcia-Amaya, global market strategist at J.P. Morgan Funds.
“These numbers are reassuring us that the first quarter was the outlier, not the other way around,” Garcia-Amaya added of Tuesday’s economic reports, which had the Institute for Supply Management’s manufacturing index coming in at 55.3 in June, nearly unchanged from May’s 55.4 reading. New orders rose to a six-month high.
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