U.S. equities set new records again Tuesday on the back of an announcement that Medicare reimbursement rates would go up and not down, as previously anticipated.
While health care counters rallied to push the broader market up, gains also were fueled by a report from the Commerce Department, which showed February factory orders rose 3 percent. In addition, there were strong advances in the European markets, where investors cheered a move to give Cyprus an extra year, until 2017, to meet its budget targets.
The Dow Jones Industrial Average jumped 0.6 percent to 14,662.01. The S&P 500 rose 0.5 percent to 1,570.25, while the Nasdaq Composite climbed 0.5 percent to 3,254.86.
A basket of industry stocks tracked by Footwear News benefited from the robust investor sentiment, rising an average of 0.4 percent.
The biggest gainer was Deckers Outdoor Corp., which swung up 2.4 percent to $55.33 a share by trading’s close. Next was Under Armour Inc., which gained 2.1 percent to close at $51.62, followed by DSW Inc., advancing 1.9 percent to close at $64.14.
The day’s poorest performers were J.C. Penney Co., which lost 1.7 percent to close at $14.55; R.G. Barry Corp., down 1.5 percent to end at $12.99; and The Jones Group Inc., which fell 1.2 percent to finish at $12.44.