Stock Market Today: Cheers All Round as the Dow, S&P Make History

NEW YORK (TheStreet) -- Should the U.S. soccer team fail to score any goals, U.S. markets have more than made up for it over Tuesday's session. The Dow Jones Industrial Average moved within reach of a historic 17,000-level, while the S&P 500 blazed a new intraday record high, both energized by data from Detroit carmakers and signs of a Chinese economy clunking back into gear.

Earlier in the afternoon, the Dow spiked more than 1%, around 2 points short of 17,000, before settling 0.77% higher at 16,956.07. Driving the Dow's gains, IBM  (IBM) gained 2.8%, Visa  (V) 1.7% and Johnson & Johnson  (JNJ) 1.2%.

Likewise, the S&P 500 jumped to an intraday record high of 1,978.58 earlier but receded to 1,973.32, though still up 0.67%. The Nasdaq surged 1.14% to 4,458.65.

July 1 Premarket Briefing: 10 Things You Should Know

S&P 500, Nasdaq Clinch Sixth Quarterly Gain

"Back in the middle of May, fear really hit a climax and after the S&P broke out above 1,900 we've seen this unwind occur and as long as the market remains strong, we could generate more momentum buying," Schaeffer's Investment Research senior vice president Todd Salamone told TheStreet. "We're looking from a technical perspective that 1,980-2,000 level on the S&P is a potential target in the short term."

Detroit automakers reported June vehicle sales better than analysts expected, even with two fewer selling days than the month a year earlier.

General Motors  (GM) posted a surprising gain in U.S. unit sales given a series of high-profile recalls. The automaker reported unit sales rose 1% in June to 267,461 compared to expectations of a 6.3% decrease. A day earlier, GM said it had added 8.2 million vehicles to its series of recalls. Year to date, the automaker has recalled a total 29 million units in North America. Shares climbed 3.6% to $37.59.

If you liked this article you might like

Forecast for S&P 500, Dow Industrials Remains Bullish, These Charts Show

Dow 20,000! It Should Mean Nothing to Investors, but Then Again...

Tradebird Investors Are Bullish on U.S. Stocks but Bearish on the Euro

Why Home Depot and Boeing Stock Fell Tuesday