Technology and health care companies jumped Tuesday as stocks started the new year the same way they spent the last one: rising steadily and setting records. Energy companies, which struggled in 2017, also climbed.
Asian markets rose after surveys in China and India showed continued manufacturing growth in the world’s most populous countries. U.S. stocks followed suit as investors snapped up shares of companies that should benefit from faster economic growth, including technology, health care and materials companies, just as they did last year.
The Nasdaq composite busted through another milestone as it closed above 7,000 points.
“We’ll continue to see many of the themes from last year play out,” said Kate Warne, an investment strategist for Edward Jones.
The Standard & Poor’s 500 index rose 22.18 points, or 0.8 percent, to a record 2,695.79. The Dow Jones industrial average climbed 104.79 points, or 0.4 percent, to 24,824.01. The Nasdaq composite jumped 103.51 points, or 1.5 percent, to 7,006.90. The Russell 2000 index, which consists of smaller company stocks, gained 14.50 points, or 0.9 percent, to 1,550.51, also a new high.
The Nasdaq had its best opening day since 2013 as the big technology companies that dominated in 2017 got the new year off to a good start. Facebook rose 2.8 percent to $181.42, and Apple climbed 1.8 percent to $172.26. Chipmaker Nvidia climbed 3 percent to $199.35.