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NEW YORK (CNNMoney)
The S&P 500, which gained 1.5% in the first three months of the year, has just passed its all-time high of 1,883.97 by going to 1,884.64 shortly after 10am. The Dow Jones industrial average and the Nasdaq were also higher in early trading Tuesday.
If history is any guide, Tuesday's gains could set the tone for the rest of the month. Stocks have returned 1.7% on average in the month of April over the past 40 years, making it the top performing month of the year, according to Schaeffer's Investment Research.
In economic news, a report on U.S. manufacturing this morning is flat, in line with expectations. Investors have been looking for clues on the health of the economy after Federal Reserve chief Janet Yellen said Monday that the central bank's repair job was not yet finished.
Related: Fear & Greed Index
The auto industry will also be in focus, with monthly sales reports due from the top car makers throughout the day.
General Motors (GM, Fortune 500), which delayed the release of its sales figures because of a technical glitch, announced another recall Monday and set aside more money to cover the costs. The stock was up over 1% in early trading.
GM has been criticized for how it handled a different recall due to faulty ignition switches, linked to the deaths of 13 people. CEO Mary Barra will testify before Congress on Tuesday and Wednesday about the problems.
GM shares have slumped more than 10% this year, compared with a gain of about 3% for it's crosstown rival Ford. Shares of Ford (F, Fortune 500) were higher Tuesday after the automaker reported better than expected March sales.
Caterpillar (CAT, Fortune 500) shares were also under pressure after a report claimed it avoided $2.4 billion in taxes. Company executives will defend their practices at a U.S. Senate hearing today.
Shares of Intuitive Surgical Group (ISRG) soared after the Food and Drug Administration approved the biotech's "da Vinci Xi" technology for minimally invasive surgery.
Casino companies were on the move following reports that gambling revenue in Macau surged 13% in March. Shares of Las Vegas Sands (LVS, Fortune 500), MGM Resorts (MGM, Fortune 500) and Wynn Resorts (WYNN, Fortune 500) all gained ground.
Related: CNNMoney's Tech30
European markets were mostly higher in afternoon trading, while Asian markets ended mixed.
First Published: April 1, 2014: 10:11 AM ET
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