Wall Street recovered from early loss as General Motors (GM) released a better-than-expected sales report late Tuesday, the Dow Jones rose over 30 points after dropping more than 150 points.
GM said its U.S. sales fell 18.5 percent in June to 265,937 vehicles as the top American automaker struggled with a consumer shift to more fuel-efficient vehicles. However, the sales was much above analysts' forecasts.
Earlier in the day, the U.S. Institute for Supply Management said its manufacturing index came in at 50.2 for June, a reading that indicates growth in the sector. The reading was a pleasant surprise to Wall Street, which had expected manufacturing to contract for the fifth straight month.
Meanwhile, the U.S. Commerce Department posted that construction spending fell 0.4 percent, another drop in construction spending due to the continuing slump in housing.
The Dow Jones industrial average rose 32.25, or 0.28 percent, to 11,382.26. The Standard & Poor's 500 index rose 4.91, or 0.38 percent, to 1,284.91. The Nasdaq composite gained 11.99, or 0.52 percent, to 2,304.97.
Source:Xinhua
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