U.S. stocks rose on Tuesday, with the Dow striking another peak, as investors cheered better-than-expected November sales from Ford Motor, General Motors and Fiat Chrysler.
“Despite some weakness in consumer confidence, people are still spending money,” David Lebovitz, global market strategist for J.P. Morgan Funds, said of monthly sales figures from auto manufacturers. U.S. automobile sales rose 4.6 percent in November to 1.3 million, Autodata reported, with the auto sales rate coming to 17.2 million last month in the strongest pace for the month since 2003.
The auto sales “indicate the economy’s momentum remains on track, and is moving along, basically on all fronts,” said Peter Cardillo, chief market economist at Rockwell Global Capital. Stocks maintained gains after the Commerce Department reported construction spending rose 1.1 percent in October.
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