NEW YORK (AP) — A jump in U.S. auto sales and other good economic news helped drive stocks higher Wednesday.
Sales for General Motors and other carmakers surged in August, giving the industry its best month in six years.
“Car sales were really impressive,” said Peter Cardillo, chief market economist at Rockwell Global Capital in New York. They’re important for what they suggest about the larger economy: solid consumer spending and increased manufacturing. “It means the economy is holding up,” Cardillo said.
The Standard & Poor’s 500 index rose 13.31 points, or 0.8 percent, to 1,653.08.
The Dow Jones industrial average gained 96.91 points, or 0.7 percent, to close at 14,930.87 and the Nasdaq composite rose 36.43 points, or 1 percent, to 3,649.04.