- The S&P and Dow rallied to finish at new all-time highs but pared earlier gains that took the Dow to the brink of 17,000 for the first time; the Nasdaq pushed to its highest level since March 2000, while the Russell 2000 finished just short of its high set March 4.
- Investors were heartened by data that showed expansion in U.S. manufacturing and better than expected sales for major U.S. automakers; China's first manufacturing expansion since December also helped early sentiment.
- GM jumped 3% as the automaker reported its U.S. car and light truck sales rose 1% in June, while Netflix surged 7% after Goldman Sachs upgraded the stock to Buy; utilities lagged, with Exelon falling 2% as one of the bigger S&P losers.
- Participation was light, with fewer than 675M shares traded at the NYSE.
- Treasury prices fell steadily through the session, with the 10-year note shedding nine ticks and raising the benchmark yield by 3 bps to 2.56%.