S&P 500 closes above 1,700 points for 1st time; Dow, Nasdaq up

S&P 500 closes above 1,700 points for 1st time; Dow, Nasdaq up

August 1st, 2013 by Associated Press in Local - Breaking News

In this Wednesday photo, from left, specialists Peter Kennedy, Bernard Wheeler, and Philip Finale, confer on the floor of the New York Stock Exchange. Global markets rose today after the U.S. Federal Reserve gave no indication it was preparing to wind down a massive bond-buying program that has propelled investors into stocks.

Photo by Associated Press/Times Free Press.

NEW YORK - Stock indexes are back at record highs on Wall Street after better economic news sent the market sharply higher.

The benchmark Standard & Poor's 500 index closed above 1,700 points for the first time.

Better manufacturing news in China and the U.S. as well as encouraging reports on jobs and company earnings sent the market up Thursday.

The S&P 500 rose 21 points, or 1.3 percent, to 1,706.

The Dow Jones industrial average gained 128 points, or 0.8 percent, to 15,628.

The Nasdaq composite rose 49 points, or 1.4 percent, to 3,675.

Small-company stocks and transportation stocks also rose sharply. Investors sold ultra-safe U.S. government debt.

Three stocks rose for every two that fell on the New York Stock Exchange. Volume was higher than average at 3.8 billion shares.