(MENAFN- ProactiveInvestors) U.S. stocks finished higher on Tuesday with the Dow closing at a new record as investors got a better-than-expected read of construction spending for October.
At the closing bell in New York the Dow Jones Industrial Average rose 102 points to 17879 while the Nasdaq added 29 points to 4756 and the S&P 500 rallied 14 points to end at 2067.
On the economic front today construction spending in October rose 1.1% to a seasonally adjusted annual rate of $971 million the US Commerce Department reported this morning.
Investors are looking forward to the more significant jobs report data for November due out on Friday. Meanwhile vice chairman of the Stanley Fischer said continued labor market improvement and "some signs" that inflation is beginning to stir would be enough to life interest rates. He spoke at The Wall Street Journal CEO Council annual meeting in Washington D.C.
Auto sales for November were also out today with GM () and Chrysler posting their best November figures in several years while Ford () reported a decline in sales last month.
GM also said it is recalling about 316000 vehicles in North America because their headlights can stop working with this latest announcement bringing the total number of GM recalls to 79 this year.
In other news Vince Holding (NYSE:VNCE) tumbled over 19% after the fashionable apparel company reported third quarter results.
UK-based Aviva (NYSE:AV) has finalized a deal to buy rival Friends Life in an all-stock transaction worth about $8.8 billion creating the largest British life insurer.
Avanir Pharmaceuticals (NASDAQ:AVNR) agreed to be bought by Japan's Otsuka Pharmaceutical for $17 per share in cash or about $3.5 billion.
After Monday’s closing bell Corp. () and () announced a $4 billion stock merger. Shares of Spanison surged over 21% on Tuesday.
Elsewhere opening statements for 's () antitrust trial began today in a federal court in Oakland California. Plaintiffs are accusing the company of breaking antitrust rules in 2006 with an iTunes update and are seeking $350 million in damages. This sum could be tripled automatically to over $1 billion under antitrust laws.
Royal Caribbean (NYSE:RCL) is replacing Bemis () in the S&P 500 after the close of business on Thursday with Bemis moving to the S&P Midcap 400 due to its current market capitalization. Shares of Royal Caribbean moved up 6.2% on the news.
January crude oil prices resumed their downward trend today after Monday's 4% rebound falling 3.1% to $66.88 a barrel on the New York Mercantile Exchange after the Iraqi government and Kurdish authorities reached an agreement that paves the way for increased oil exports. Gold also gave up gains from yesterday with the contract for February delivery declining 1.5% to settle at $1199.40 an ounce.
European markets finished mixed today with gains in London and France as energy and mining stocks got a break. Asian indexes all finished higher with the Shanghai Composite rising some 3.1% amid speculation of more stimulus from the country's central bank.
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