The U.S. stock market began the third quarter right where it left off in the second quarter, with another strong rally.
Investors were buoyed by another strong report from the Institute for Supply Management, which said its index of national manufacturing activity climbed to 55.3 percent in June from 53.5 percent the prior month. The gauge had fallen sharply in May as a result of a shortage in parts manufactured in Japan that are needed to make automobiles.
Meanwhile, General Motors Co. reported that its June automobile sales soared 10.2 percent to 215,358 vehicles, up from 195,380 in the same month a year ago, and Ford then reported that its June sales climbed 14 percent to 194,114.
"Strong demand for Ford’s fuel-efficient cars and crossovers continues, and we now are seeing truck buyers return to the market with significant appetite for our fuel-efficient V6 engines," said Ken Czubay, Ford vice president, U.S. marketing, sales and service.
