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Dow, S&P end at records, starting July with a bang

NEW YORK - U.S. stocks rallied on Tuesday, with both the Dow and S&P 500 setting record closing highs on the first trading day in July as manufacturing activity picked up in the United States and Asia, increasing optimism about the global economy's health.

The Dow Jones industrial average rose 129.25 points or 0.77 percent, to end unofficially at 16,956.85. The S&P 500 gained 13.07 points or 0.67 percent, to finish unofficially at 1,973.30. The Nasdaq Composite jumped 50.47 points or 1.14 percent, to close unofficially at 4,458.65.