US STOCKS-Wall St climbs to record after manufacturing data

martes 1 de abril de 2014 13:13 GYT

* S&P 500 hits intraday record, discretionary names rally

* Automakers rise after March auto sales

* Medicines Co tumbles after court ruling

* Indexes up: Dow 0.4 pct, S&P 0.4 pct, Nasdaq 1.1 pct (Updates to afternoon trading)

By Ryan Vlastelica

NEW YORK, April 1 (Reuters) - U.S. stocks rose on Tuesday, with the S&P 500 advancing to an intraday record after the latest economic data indicated that economic growth was gaining traction after a harsh winter.

Gains were broad, but areas of the market closely tied to the pace of economic growth were among the day's leaders. Consumer discretionary stocks rose 1.2 percent while technology shares were up 1 percent. Both the PHLX housing sector index and the Nasdaq biotechnology index added 1.5 percent.

The Institute for Supply Management (ISM) said its index of national factory activity rose to 53.7 in March, its second straight monthly acceleration, from February's read of 53.2, but below the median forecast of 54.0.

"There's a whiff of spring in the economic data, which means we're starting the second quarter with signs that the economy is maintaining the kind of reasonable growth that will continue to support the market," said Jim McDonald, chief investment strategist at Chicago-based Northern Trust Global Investments, which has about $884 billion in assets under management.   Continuación...