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S&P index closes with record

Traders work on the floor of the New

Traders work on the floor of the New York Stock Exchange on March 28, 2014 in Manhattan. Credit: Getty Images / Spencer Platt

New signs of life in the U.S. manufacturing sector helped push the stock market to a record high Tuesday.

The Standard & Poor's 500 index gained 0.70 percent to close at 1,885.52. That's above its previous record of 1,878.04, set on March 7. The gains were broad, with eight out of the 10 sectors in the S&P 500 rising. The S&P 500 has gained for three straight sessions, up about 2 percent in that period.

The Dow Jones industrial average rose 74.95 points to 16,532.61. The technology-heavy Nasdaq composite rose 1.64 percent to 4,268.04.

Investors were encouraged by two mostly positive economic reports focused on U.S. manufacturing.

The Institute for Supply Management's manufacturing index rose to 53.7 in March, up from 53.2 in February, as the nation's factories continued to rev up following the severe winter weather earlier this year. Separately, the Commerce Department said construction spending rose by 0.1 percent in February, after falling by 0.2 percent in January.

Tuesday was the first trading day of the second quarter, so trading was likely impacted by fund managers moving money into the market for the first time after closing books on the first quarter. -- AP

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