NEW YORK (AP) -- The stock market rose after reports showed that manufacturing in the US and China expanded in June, boosting the outlook for global growth. Netflix jumped after analysts at Goldman Sachs raised their outlook on the stock.
KEEPING SCORE: Standard & Poor's 500 index rose 11 points, or 0.5 percent, to 1,971 as of 11:24 a.m. Eastern time. The index is on track to close above its all-time closing high of 1,962.87 set June 20.
The Dow Jones industrial average gained 117 points, or 0.7 percent, to 16,944. The Nasdaq composite climbed 47 points, or 0.7 percent, to 4,445.
DRUG STAKE: Regeneron climbed $16.66, or 5.9 percent, to $299.10, the biggest gain in the S&P 500. The French drugmaker Sanofi said in a regulatory filing that it had raised its stake in the company to 22.5 percent from about 20 percent in April. Sanofi and Regeneron are collaborating on drug research and have an agreement that Sanofi won't acquire more than a 30 percent stake in the company.
CUTTING CABLE: Netflix jumped $24.90, or 5.7 percent, to $465 after analysts at Goldman Sachs raised their outlook for the internet streaming video company. Goldman estimates that Netflix's potential audience of subscribers will double over the next three years to 207 million people as the company expands internationally. The analysts have a 12-month price target of $590 on the stock.
FACTORIES: U.S. manufacturing grew in June for the 13th straight month. But the pace of the expansion slowed from May. The Institute for Supply Management says its manufacturing index dipped to 55.3 in June from 55.4 in May. Any reading higher than 50 signals that manufacturing is expanding.
MADE IN CHINA: Chinese manufacturing grew in June for the first time in six months, according to a private survey. HSBC Corp. said Tuesday its purchasing managers index rose to 50.7 from 49.4 in May.
THE QUOTE: “We are seeing evidence of broad-based economic growth,” said Joe Tanious, a global market strategist at JPMorgan Funds. “It's setting up a backdrop for this run that we are seeing in the equity markets.”
BONDS AND COMMODITIES: In the market for government bonds prices fell. The yield on the 10-year note climbed to 2.55 percent from 2.53 percent late Monday. Bond yields fall when prices rise. The price of crude oil gained 45 cents to $105.82 a barrel.