U.S. stocks rose on Tuesday, the anniversary of the market lows reached in the recession, as gains in transportation and telecommunications shares signaled the recovery remained intact.
Airline and other stocks rose after UAL Corp's
Shares in telecommunications companies rose after Cisco Systems Inc
Cisco, whose shares rose almost 4 percent Monday before the announcement, was up just 0.04 percent at $26.15, while the S&P telecommunications index <.GSPL> gained 1.6 percent.
One year ago stocks fell to their lowest in more than 12 years amid the financial crisis. But the S&P 500 is up 68 percent since then, the strongest one-year rally since 1936.
People are ... thinking that maybe economic growth
is solidifying a little bit, which will be good news for earnings. The (Friday) jobs report last week was decent, and people were encouraged by that, said Giri Cherukuri, head trader at OakBrook Investments LLC in Lisle, Illinois.
The Dow Jones industrial average <.DJI> was up 40.73 points, or 0.39 percent, at 10,593.25. The Standard & Poor's 500 Index <.SPX> was up 4.88 points, or 0.43 percent, at 1,143.38. The Nasdaq Composite Index <.IXIC> was up 17.19 points, or 0.74 percent, at 2,349.40.
The U.S. economy is slowly recovering from the worst economic downturn since the 1930s, with the latest data showing the job market may be on the verge of turning up and the majority of companies reporting stronger than expected earnings.
Also lower was Texas Instruments Inc
Leading gains on the Dow was United Technologies Corp
(Editing by Kenneth Barry)