Stocks rise to another high on stronger manufacturing

AP Markets WriterJuly 1, 2014 

NEW YORK -- The stock market climbed to all-time highs after reports showed that manufacturing in the U.S. 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 18 points, or 0.9 percent, to 1,978 as of 1:26 p.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 171 points, or 1 percent, to 16,996. The Nasdaq composite climbed 62 points, or 1.4 percent, to 4,471.

Drug stake: Regeneron climbed $19.53, or 7 percent, to $301.94, the biggest gain in the S&P 500.

Cutting cable: Netflix jumped $26.35, or 6 percent, to $467 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.

World Cup boost: Twitter rose $1.46, or 3.6 percent, to $42.22 after analysts at Stern Agee raised their estimates for the company's earnings for next year and said that the social media company should benefit from increased use during the soccer World Cup. The company said it was hiring Anthony Noto, a Goldman Sachs executive, as its new chief financial officer.

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