Stocks hit record high as global manufacturing expands

Stocks rose on Tuesday.

The S&P 500 climbed 0.7 percent to an all-time high. That helped push the MSCI All-Country World Index up 0.6 percent to an all-time high as well.

Stocks rose amid mostly positive economic data on Tuesday.

In the US, Markit reported that its US manufacturing PMI rose to 57.3 in June, the highest reading since May 2010, while the Institute for Supply Management reported that its manufacturing PMI fell slightly to 55.3 in June from 55.4 in May.

Other reports from the US showed that auto sales rose 1.2 percent in June to the highest since July 2006 while construction spending rose 0.1 percent in May.

In the euro area, Markit's manufacturing PMI fell to 51.8 in June from 52.2 in May but the unemployment rate held steady at 11.6 percent in May.

Elsewhere in Europe, however, the Markit/CIPS UK manufacturing PMI rose to 57.5 in June, the highest since November, from 57.0 in May.

China's manufacturing activity also accelerated in June. The official manufacturing PMI rose to 51.0 in June from 50.8 in May while the HSBC manufacturing PMI rose to 50.7 from 49.4.

In Japan, manufacturing also accelerated, with the Markit/JMMA Japan manufacturing PMI rising to 51.5 in June from 49.9 in May.

Also on Tuesday though, the Bank of Japan's Tankan survey for the April-June quarter showed that its index of confidence among large manufacturers fell to plus 12 from plus 17 in the preceding quarter.