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Stocks pared their gains in the final hour of trading but still kicked off the first day of May on a positive note, with the Dow hitting its best closing high since December 2007, fueled by a better-than-expected manufacturing report.
The Dow Jones Industrial Average gained 65.69 points, or 0.50 percent, to finish at 13,279.32, the best level in more than four years. The Dow was up 125 points in its intraday high. BofA and Alcoa led the gainers.
The S&P 500 climbed 7.91 points, or 0.57 percent, to end at 1,405.82. The Nasdaq rose 4.08 points, or 0.13 percent, to close at 3,050.44. The CBOE Volatility Index, widely considered the best gauge of fear in the market, slipped below 17.
All 10 S&P sectors ended in positive territory, led by energy and financials.
“Contrary to the saying ‘sell in May and go away,’ overall, we’re pretty bullish right now and it’s due to the lowered expectations as a lot of people doubt this market," said Joe Bell, senior equity analyst at Schaeffer's Research. "Europe and China remain wildcards, but most of their problems have been baked in.”
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