Market overview for todayhttp://finance.yahoo.com/marketupdate/overview?u4:15 pm : Better-than-expected economic data helped to bring about broad-based buying, which took the S&P 500 to fresh highs for the year and helped it close above the psychologically significant 1000 mark for the first time since November.
The ISM Manufacturing Index made its seventh straight increase by coming in at 48.9 for June. While the sub-50 reading still connotes contraction in the manufacturing sector, the reading was still better than what had been expected.
Construction spending data for June made a surprise 0.3% increase. It was expected to fall 0.5%. The data was released at the same time as the ISM, so the pair of pleasing reports helped to fend off an early challenge from sellers, who had actually halved the stock market's opening gains.
Emboldened buyers helped to prop up the broader market, but materials stocks provided the most leadership and saw the richest gains. The sector's 3.5% advance was helped along by a sharp rise in steel stocks (+6.5%) and diversified metals and mining stocks (+8.0%).